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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| For the fiscal year ended |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| For the transition period from | to | ||||||||||
| Corporate Office Properties Trust |
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| (State or other jurisdiction of | (IRS Employer | |||||||||||||
| incorporation or organization) | Identification No.) | |||||||||||||
| Corporate Office Properties, L.P. |
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| (State or other jurisdiction of | (IRS Employer | |||||||||||||
| incorporation or organization) | Identification No.) | |||||||||||||
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| (Address of principal executive offices) | (Zip Code) | ||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company |
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Emerging growth company |
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| Large accelerated filer | ☐ | Accelerated filer | ☐ |
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☒ | Smaller reporting company |
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Emerging growth company |
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| PAGE | ||||||||
| Segment | Number of Properties | Rentable Square Feet or Megawatts (“MW”) | Occupancy (1) | Annualized Rental Revenue (2) |
Annualized Rental Revenue per Occupied Square
Foot (2)(3) |
|||||||||||||||||||||||||||
| Office and Data Center Shell Portfolio | ||||||||||||||||||||||||||||||||
| Defense/IT Locations: | ||||||||||||||||||||||||||||||||
| Fort Meade/BW Corridor: | ||||||||||||||||||||||||||||||||
| National Business Park (Annapolis Junction, MD) | 31 | 3,821 | 91.7 | % | $ | 141,020 | $ | 40.26 | ||||||||||||||||||||||||
| Howard County, MD | 35 | 2,857 | 89.5 | % | 71,930 | 28.09 | ||||||||||||||||||||||||||
| Other | 23 | 1,679 | 92.2 | % | 46,816 | 30.09 | ||||||||||||||||||||||||||
| Fort Meade/BW Corridor Subtotal / Average | 89 | 8,357 | 91.0 | % | 259,766 | 34.10 | ||||||||||||||||||||||||||
| Northern Virginia Defense/IT | 13 | 1,992 | 88.1 | % | 61,334 | 34.96 | ||||||||||||||||||||||||||
| Lackland Air Force Base | 7 | 953 | 100.0 | % | 53,402 | 53.57 | ||||||||||||||||||||||||||
| Navy Support Locations | 21 | 1,241 | 97.2 | % | 34,556 | 28.65 | ||||||||||||||||||||||||||
| Redstone Arsenal | 15 | 1,454 | 99.4 | % | 30,439 | 20.96 | ||||||||||||||||||||||||||
| Data Center Shells: | ||||||||||||||||||||||||||||||||
| Consolidated Properties | 9 | 1,990 | 100.0 | % | 32,349 | 16.26 | ||||||||||||||||||||||||||
| Unconsolidated Joint Venture Properties (4) | 17 | 2,749 | 100.0 | % | 3,842 | 13.97 | ||||||||||||||||||||||||||
| Defense/IT Locations Subtotal / Average | 171 | 18,736 | 94.5 | % | 475,688 | 31.05 | ||||||||||||||||||||||||||
| Regional Office | 8 | 2,066 | 92.5 | % | 68,086 | 35.51 | ||||||||||||||||||||||||||
| Other Properties | 2 | 157 | 68.4 | % | 2,623 | 24.37 | ||||||||||||||||||||||||||
| Total Office and Data Center Shell Portfolio | 181 | 20,959 | 94.1 | % | 546,397 | $ | 31.50 | |||||||||||||||||||||||||
| Wholesale Data Center | 1 | 19.25 MW | 86.7 | % | 24,638 | N/A | ||||||||||||||||||||||||||
| Total Operating Properties | $ | 571,035 | ||||||||||||||||||||||||||||||
| Total Consolidated Operating Properties | $ | 567,193 | ||||||||||||||||||||||||||||||
| Property and Location | Estimated Rentable Square Feet Upon Completion | Percentage Leased | Calendar Quarter Anticipated to be Operational | Costs Incurred to Date (1) | Estimated Costs to Complete (1) | |||||||||||||||||||||||||||
| Under Development | ||||||||||||||||||||||||||||||||
| Fort Meade/BW Corridor: | ||||||||||||||||||||||||||||||||
|
4600 River Road (2)
College Park, Maryland |
102 | 54 | % | 4Q 21 | $ | 24,024 | $ | 6,710 | ||||||||||||||||||||||||
|
610 Guardian Way
Annapolis Junction, Maryland |
107 | 100 | % | 1Q 22 | 22,043 | 45,307 | ||||||||||||||||||||||||||
| Subtotal / Average | 209 | 78 | % | 46,067 | 52,017 | |||||||||||||||||||||||||||
| NoVA Defense/IT: | ||||||||||||||||||||||||||||||||
|
NoVA Office C
Chantilly, Virginia |
348 | 100 | % | 4Q 21 | 59,914 | 46,305 | ||||||||||||||||||||||||||
| Lackland Air Force Base: | ||||||||||||||||||||||||||||||||
|
Project EL
San Antonio, Texas |
107 | 100 | % | 4Q 21 | 15,409 | 39,841 | ||||||||||||||||||||||||||
| Navy Support: | ||||||||||||||||||||||||||||||||
|
Expedition VII
St. Mary’s County, Maryland |
30 | 60 | % | 4Q 22 | 1,567 | 6,622 | ||||||||||||||||||||||||||
| Redstone Arsenal: | ||||||||||||||||||||||||||||||||
|
6000 Redstone Gateway (2)
Huntsville, Alabama |
42 | 100 | % | 3Q 21 | 8,639 | 1,157 | ||||||||||||||||||||||||||
|
8000 Rideout Road
Huntsville, Alabama |
100 | 9 | % | 1Q 22 | 16,242 | 10,485 | ||||||||||||||||||||||||||
|
7100 Redstone Gateway
Huntsville, Alabama |
46 | 100 | % | 1Q 21 | 9,100 | 2,066 | ||||||||||||||||||||||||||
| Subtotal / Average | 188 | 52 | % | 33,981 | 13,708 | |||||||||||||||||||||||||||
| Data Center Shells: | ||||||||||||||||||||||||||||||||
|
Parkstone A
Northern Virginia |
227 | 100 | % | 2Q 23 | 5,199 | 60,401 | ||||||||||||||||||||||||||
|
Parkstone B
Northern Virginia |
193 | 100 | % | 2Q 24 | 4,421 | 50,579 | ||||||||||||||||||||||||||
| Subtotal / Average | 420 | 100 | % | 9,620 | 110,980 | |||||||||||||||||||||||||||
| Regional Office: | ||||||||||||||||||||||||||||||||
|
2100 L Street (2)
Washington, D.C. |
190 | 56 | % | 2Q 21 | 157,813 | 19,187 | ||||||||||||||||||||||||||
| Total Under Development | 1,492 | 84 | % | $ | 324,371 | $ | 288,660 | |||||||||||||||||||||||||
| Segment | Acres | Estimated Developable Square Feet | ||||||||||||
| Defense/IT Locations: | ||||||||||||||
| Fort Meade/BW Corridor: | ||||||||||||||
| National Business Park (Annapolis Junction, MD) | 175 | 1,999 | ||||||||||||
| Howard County, MD | 19 | 290 | ||||||||||||
| Other | 126 | 1,338 | ||||||||||||
| Total Fort Meade/BW Corridor | 320 | 3,627 | ||||||||||||
| Northern Virginia Defense/IT Locations | 29 | 1,136 | ||||||||||||
| Lackland Air Force Base | 19 | 410 | ||||||||||||
| Navy Support Locations | 38 | 64 | ||||||||||||
| Redstone Arsenal (1) | 358 | 3,125 | ||||||||||||
| Data Center Shells | 53 | 1,180 | ||||||||||||
| Total Defense/IT Locations | 817 | 9,542 | ||||||||||||
| Regional Office | 10 | 900 | ||||||||||||
| Total land owned/controlled for future development | 827 | 10,442 | ||||||||||||
| Other land owned/controlled | 43 | 638 | ||||||||||||
| Total Land Owned/Controlled | 870 | 11,080 | ||||||||||||
| Year of Lease Expiration | Square Footage of Leases Expiring | Annualized Rental Revenue of Expiring Leases (1) | Percentage of Total Annualized Rental Revenue Expiring (1) | Total Annualized Rental Revenue of Expiring Leases Per Occupied Square Foot | ||||||||||||||||||||||
| 2021: Office and Data Center Shells | 1,485 | $ | 51,342 | 9.0 | % | $ | 34.56 | |||||||||||||||||||
| Wholesale Data Center | N/A | 15,011 | 2.6 | % | N/A | |||||||||||||||||||||
| 2022: Office and Data Center Shells | 2,311 | 73,574 | 12.9 | % | 31.81 | |||||||||||||||||||||
| Wholesale Data Center | N/A | 2,493 | 0.4 | % | N/A | |||||||||||||||||||||
| 2023: Office and Data Center Shells | 1,868 | 64,560 | 11.3 | % | 34.53 | |||||||||||||||||||||
| Wholesale Data Center | N/A | 1,694 | 0.3 | % | N/A | |||||||||||||||||||||
| 2024: Office and Data Center Shells | 2,538 | 67,288 | 11.8 | % | 32.85 | |||||||||||||||||||||
| Wholesale Data Center | N/A | 10 | — | % | N/A | |||||||||||||||||||||
| 2025: Office and Data Center Shells | 2,978 | 110,868 | 19.4 | % | 38.59 | |||||||||||||||||||||
| Wholesale Data Center | N/A | 5,168 | 0.9 | % | N/A | |||||||||||||||||||||
| 2026: Office and Data Center Shells | 1,481 | 38,332 | 6.7 | % | 35.61 | |||||||||||||||||||||
| 2027: Office and Data Center Shells | 970 | 20,901 | 3.7 | % | 32.51 | |||||||||||||||||||||
| Wholesale Data Center | N/A | 29 | — | % | N/A | |||||||||||||||||||||
| 2028: Office and Data Center Shells | 1,181 | 21,245 | 3.7 | % | 29.63 | |||||||||||||||||||||
| Wholesale Data Center | N/A | 233 | — | % | N/A | |||||||||||||||||||||
| 2029: Office and Data Center Shells | 1,405 | 29,072 | 5.1 | % | 26.45 | |||||||||||||||||||||
| 2030: Office and Data Center Shells | 817 | 12,775 | 2.2 | % | 23.76 | |||||||||||||||||||||
| 2031: Office and Data Center Shells | 657 | 11,601 | 2.0 | % | 17.66 | |||||||||||||||||||||
| 2032: Office and Data Center Shells | 21 | 576 | 0.1 | % | 27.95 | |||||||||||||||||||||
| 2033: Office and Data Center Shells | 255 | 9,236 | 1.6 | % | 36.21 | |||||||||||||||||||||
| 2034: Office and Data Center Shells | 369 | 4,187 | 0.7 | % | 11.34 | |||||||||||||||||||||
| 2035: Office and Data Center Shells | 497 | 9,570 | 1.7 | % | 19.24 | |||||||||||||||||||||
| 2036: Office and Data Center Shells | 748 | 14,462 | 2.5 | % | 19.34 | |||||||||||||||||||||
| 2037: Office and Data Center Shells | 102 | 6,061 | 1.1 | % | 58.30 | |||||||||||||||||||||
| 2038: Office and Data Center Shells | 39 | 618 | 0.1 | % | 15.92 | |||||||||||||||||||||
| 2063: Office and Data Center Shells (2) | — | 129 | — | % | N/A | |||||||||||||||||||||
| Total Operating Properties | 19,722 | $ | 571,035 | 100.0 | % | N/A | ||||||||||||||||||||
| Total Office and Data Center Shells | 19,722 | $ | 546,397 | 100.0 | % | $ | 31.50 | |||||||||||||||||||
| Period Ended | ||||||||||||||||||||||||||||||||||||||
| Index | 12/31/15 | 12/31/16 | 12/31/17 | 12/31/18 | 12/31/19 | 12/31/20 | ||||||||||||||||||||||||||||||||
| Corporate Office Properties Trust | $ | 100.00 | $ | 148.61 | $ | 143.77 | $ | 108.05 | $ | 156.91 | $ | 145.75 | ||||||||||||||||||||||||||
| S&P 500 Index | $ | 100.00 | $ | 111.96 | $ | 136.40 | $ | 130.42 | $ | 171.49 | $ | 203.04 | ||||||||||||||||||||||||||
| FTSE Nareit All Equity REIT Index | $ | 100.00 | $ | 108.63 | $ | 118.05 | $ | 113.28 | $ | 145.75 | $ | 138.28 | ||||||||||||||||||||||||||
|
Percentage of Annualized Rental
Revenue of Operating Properties for 20 Largest Tenants as of December 31, |
||||||||||||||||||||
| Tenant | 2020 | 2019 | 2018 | |||||||||||||||||
| USG | 34.1 | % | 34.6 | % | 32.7 | % | ||||||||||||||
| Fortune 100 Company | 9.1 | % | 7.9 | % | 8.9 | % | ||||||||||||||
| General Dynamics Corporation (1) | 5.6 | % | 4.9 | % | 4.7 | % | ||||||||||||||
| The Boeing Company (1) | 3.0 | % | 3.2 | % | 3.8 | % | ||||||||||||||
| CACI International Inc | 2.4 | % | 2.5 | % | 2.4 | % | ||||||||||||||
| Northrop Grumman Corporation (1) | 2.3 | % | 2.2 | % | 2.3 | % | ||||||||||||||
| CareFirst Inc. | 2.0 | % | 2.1 | % | 2.2 | % | ||||||||||||||
| Booz Allen Hamilton, Inc. | 2.0 | % | 2.1 | % | 2.0 | % | ||||||||||||||
| Wells Fargo & Company (1) | 1.2 | % | 1.3 | % | 1.3 | % | ||||||||||||||
| AT&T Corporation (1) | 1.1 | % | 1.3 | % | 0.7 | % | ||||||||||||||
| Miles and Stockbridge, PC | 1.0 | % | 1.1 | % | 1.1 | % | ||||||||||||||
| Morrison & Foerster, LLP | 1.0 | % | N/A | N/A | ||||||||||||||||
| Raytheon Technologies Corporation (1) | 1.0 | % | 1.0 | % | 1.1 | % | ||||||||||||||
| Yulista Holding, LLC | 1.0 | % | N/A | N/A | ||||||||||||||||
| Science Applications International Corp. (1) | 0.9 | % | 1.0 | % | 1.3 | % | ||||||||||||||
| Jacobs Engineering Group Inc | 0.9 | % | 1.0 | % | N/A | |||||||||||||||
| Transamerica Life Insurance Company | 0.9 | % | 0.9 | % | 0.9 | % | ||||||||||||||
| University of Maryland | 0.9 | % | 1.2 | % | 1.4 | % | ||||||||||||||
| The MITRE Corporation | 0.8 | % | 0.7 | % | 0.8 | % | ||||||||||||||
| Mantech International Corp. | 0.8 | % | 0.7 | % | N/A | |||||||||||||||
| Peraton Inc. | N/A | 0.9 | % | N/A | ||||||||||||||||
| Kratos Defense and Security Solutions (1) | N/A | 1.0 | % | 1.0 | % | |||||||||||||||
| KEYW Corporation | N/A | N/A | 1.0 | % | ||||||||||||||||
| International Business Machines Corp. | N/A | N/A | 0.7 | % | ||||||||||||||||
| Accenture Federal Services, LLC | N/A | N/A | 0.7 | % | ||||||||||||||||
| Subtotal of 20 largest tenants | 72.0 | % | 71.6 | % | 71.0 | % | ||||||||||||||
| All remaining tenants | 28.0 | % | 28.4 | % | 29.0 | % | ||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||
| Total annualized rental revenue | $ | 571,035 | $ | 525,338 | $ | 522,898 | ||||||||||||||
| Percentage of Annualized Rental Revenue of Office and Data Center Shell Properties as of December 31, | Number of Properties as of December 31, | |||||||||||||||||||||||||||||||||||||
| Region | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
| Defense/IT Locations: | ||||||||||||||||||||||||||||||||||||||
|
Fort Meade/BW Corridor
|
47.5 | % | 51.3 | % | 49.5 | % | 89 | 88 | 87 | |||||||||||||||||||||||||||||
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Northern Virginia Defense/IT
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11.2 | % | 10.9 | % | 12.0 | % | 13 | 13 | 13 | |||||||||||||||||||||||||||||
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Lackland Air Force Base
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9.8 | % | 10.5 | % | 10.3 | % | 7 | 7 | 7 | |||||||||||||||||||||||||||||
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Navy Support Locations
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6.3 | % | 6.5 | % | 6.3 | % | 21 | 21 | 21 | |||||||||||||||||||||||||||||
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Redstone Arsenal
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5.6 | % | 3.5 | % | 2.8 | % | 15 | 10 | 8 | |||||||||||||||||||||||||||||
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Data Center Shells
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6.6 | % | 5.3 | % | 7.0 | % | 26 | 22 | 18 | |||||||||||||||||||||||||||||
| Total Defense/IT Locations | 87.0 | % | 87.9 | % | 87.9 | % | 171 | 161 | 154 | |||||||||||||||||||||||||||||
| Regional Office | 12.5 | % | 11.5 | % | 11.5 | % | 8 | 7 | 7 | |||||||||||||||||||||||||||||
| Other | 0.5 | % | 0.6 | % | 0.6 | % | 2 | 2 | 2 | |||||||||||||||||||||||||||||
| 100.0 | % | 100.0 | % | 100.0 | % | 181 | 170 | 163 | ||||||||||||||||||||||||||||||
| December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Occupancy rates at period end | |||||||||||||||||
| Total | 94.1 | % | 92.9 | % | 93.0 | % | |||||||||||
| Defense/IT Locations: | |||||||||||||||||
|
Fort Meade/BW Corridor
|
91.0 | % | 92.4 | % | 91.1 | % | |||||||||||
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Northern Virginia Defense/IT
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88.1 | % | 82.4 | % | 91.3 | % | |||||||||||
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Lackland Air Force Base
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100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
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Navy Support Locations
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97.2 | % | 92.5 | % | 90.5 | % | |||||||||||
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Redstone Arsenal
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99.4 | % | 99.3 | % | 99.0 | % | |||||||||||
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Data Center Shells
|
100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
|
Total Defense/IT Locations
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94.5 | % | 93.7 | % | 93.6 | % | |||||||||||
| Regional Office | 92.5 | % | 88.1 | % | 89.2 | % | |||||||||||
| Other | 68.4 | % | 73.0 | % | 77.2 | % | |||||||||||
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Average contractual annualized rental rate per square foot at year end (1)
|
$ | 31.50 | $ | 31.28 | $ | 30.41 | |||||||||||
|
Rentable
Square Feet |
Occupied
Square Feet |
||||||||||
| (in thousands) | |||||||||||
| December 31, 2019 | 19,173 | 17,816 | |||||||||
| Vacated upon lease expiration (1) | — | (463) | |||||||||
| Occupancy for new leases | — | 567 | |||||||||
| Developed or redeveloped | 1,823 | 1,802 | |||||||||
| Other changes | (37) | — | |||||||||
| December 31, 2020 | 20,959 | 19,722 | |||||||||
| Expiration of Annualized Rental Revenue of Operating Properties | ||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
| Defense/IT Locations | ||||||||||||||||||||||||||||||||||||||||||||
| Fort Meade/BW Corridor | 4.4 | % | 6.5 | % | 8.4 | % | 7.5 | % | 8.7 | % | 10.1 | % | 45.6 | % | ||||||||||||||||||||||||||||||
| Northern Virginia Defense/IT | 0.4 | % | 0.8 | % | 1.0 | % | 2.4 | % | 1.8 | % | 4.2 | % | 10.6 | % | ||||||||||||||||||||||||||||||
| Lackland Air Force Base | 2.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 6.9 | % | 0.4 | % | 9.4 | % | ||||||||||||||||||||||||||||||
| Navy Support Locations | 1.5 | % | 0.9 | % | 1.1 | % | 1.0 | % | 0.2 | % | 1.5 | % | 6.2 | % | ||||||||||||||||||||||||||||||
| Redstone Arsenal | 0.0 | % | 1.6 | % | 0.1 | % | 0.3 | % | 0.9 | % | 2.4 | % | 5.3 | % | ||||||||||||||||||||||||||||||
| Data Center Shells | 0.0 | % | 0.0 | % | 0.0 | % | 0.1 | % | 0.0 | % | 6.2 | % | 6.3 | % | ||||||||||||||||||||||||||||||
| Regional Office | 0.5 | % | 3.1 | % | 0.8 | % | 0.4 | % | 0.7 | % | 6.5 | % | 12.0 | % | ||||||||||||||||||||||||||||||
| Other | 0.1 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.2 | % | 0.0 | % | 0.4 | % | ||||||||||||||||||||||||||||||
| Wholesale Data Center | 2.6 | % | 0.4 | % | 0.3 | % | 0.0 | % | 0.9 | % | 0.0 | % | 4.2 | % | ||||||||||||||||||||||||||||||
| Total | 11.6 | % | 13.4 | % | 11.7 | % | 11.7 | % | 20.3 | % | 31.3 | % | 100.0 | % | ||||||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | Variance | |||||||||||||||
| (in thousands) | |||||||||||||||||
| Revenues | |||||||||||||||||
| Revenues from real estate operations | $ | 538,725 | $ | 527,463 | $ | 11,262 | |||||||||||
| Construction contract and other service revenues | 70,640 | 113,763 | (43,123) | ||||||||||||||
| Total revenues | 609,365 | 641,226 | (31,861) | ||||||||||||||
| Operating expenses | |||||||||||||||||
| Property operating expenses | 203,840 | 198,143 | 5,697 | ||||||||||||||
|
Depreciation and amortization associated with real estate operations
|
138,193 | 137,069 | 1,124 | ||||||||||||||
| Construction contract and other service expenses | 67,615 | 109,962 | (42,347) | ||||||||||||||
| Impairment losses | 1,530 | 329 | 1,201 | ||||||||||||||
| General, administrative and leasing expenses | 33,001 | 35,402 | (2,401) | ||||||||||||||
| Business development expenses and land carry costs | 4,473 | 4,239 | 234 | ||||||||||||||
| Total operating expenses | 448,652 | 485,144 | (36,492) | ||||||||||||||
| Interest expense | (67,937) | (71,052) | 3,115 | ||||||||||||||
| Interest and other income | 8,574 | 7,894 | 680 | ||||||||||||||
| Credit loss recoveries | 933 | — | 933 | ||||||||||||||
| Gain on sales of real estate | 30,209 | 105,230 | (75,021) | ||||||||||||||
| Gain on sale of investment in unconsolidated real estate joint venture | 29,416 | — | 29,416 | ||||||||||||||
| Loss on early extinguishment of debt | (7,306) | — | (7,306) | ||||||||||||||
| Loss on interest rate derivatives | (53,196) | — | (53,196) | ||||||||||||||
| Equity in income of unconsolidated entities | 1,825 | 1,633 | 192 | ||||||||||||||
| Income tax (expense) benefit | (353) | 217 | (570) | ||||||||||||||
| Net income | $ | 102,878 | $ | 200,004 | $ | (97,126) | |||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | Variance | ||||||||||||||||||
| (Dollars in thousands, except per square foot data) | ||||||||||||||||||||
| Revenues | ||||||||||||||||||||
| Same Properties revenues | ||||||||||||||||||||
|
Lease revenue, excluding lease termination revenue and provision for collectability losses
|
$ | 472,207 | $ | 464,619 | $ | 7,588 | ||||||||||||||
|
Lease termination revenue
|
1,451 | 2,046 | (595) | |||||||||||||||||
|
Provision for collectability losses included in lease revenue
|
(3,923) | (1,149) | (2,774) | |||||||||||||||||
|
Other property revenue
|
2,372 | 4,764 | (2,392) | |||||||||||||||||
| Same Properties total revenues | 472,107 | 470,280 | 1,827 | |||||||||||||||||
| Developed and redeveloped properties placed in service | 34,491 | 9,186 | 25,305 | |||||||||||||||||
| Wholesale data center | 27,788 | 29,405 | (1,617) | |||||||||||||||||
| Dispositions | 4,325 | 16,334 | (12,009) | |||||||||||||||||
| Other | 14 | 2,258 | (2,244) | |||||||||||||||||
| 538,725 | 527,463 | 11,262 | ||||||||||||||||||
| Property operating expenses | ||||||||||||||||||||
| Same Properties | (182,812) | (181,803) | (1,009) | |||||||||||||||||
| Developed and redeveloped properties placed in service | (6,413) | (1,594) | (4,819) | |||||||||||||||||
| Wholesale data center | (14,171) | (13,213) | (958) | |||||||||||||||||
| Dispositions | (429) | (1,457) | 1,028 | |||||||||||||||||
| Other | (15) | (76) | 61 | |||||||||||||||||
| (203,840) | (198,143) | (5,697) | ||||||||||||||||||
| UJV NOI allocable to COPT | ||||||||||||||||||||
| Dispositions | 4,818 | 4,851 | (33) | |||||||||||||||||
| Retained interests in newly-formed UJVs | 2,133 | 854 | 1,279 | |||||||||||||||||
| 6,951 | 5,705 | 1,246 | ||||||||||||||||||
| NOI from real estate operations | ||||||||||||||||||||
| Same Properties | 289,295 | 288,477 | 818 | |||||||||||||||||
| Developed and redeveloped properties placed in service | 28,078 | 7,592 | 20,486 | |||||||||||||||||
| Wholesale data center | 13,617 | 16,192 | (2,575) | |||||||||||||||||
| Dispositions, net of retained interests in newly-formed UJVs | 10,847 | 20,582 | (9,735) | |||||||||||||||||
| Other | (1) | 2,182 | (2,183) | |||||||||||||||||
| $ | 341,836 | $ | 335,025 | $ | 6,811 | |||||||||||||||
| Same Properties NOI from real estate operations by segment | ||||||||||||||||||||
| Defense/IT Locations | $ | 256,432 | $ | 257,048 | $ | (616) | ||||||||||||||
| Regional Office | 31,220 | 29,928 | 1,292 | |||||||||||||||||
| Other | 1,643 | 1,501 | 142 | |||||||||||||||||
| $ | 289,295 | $ | 288,477 | $ | 818 | |||||||||||||||
| Same Properties rent statistics | ||||||||||||||||||||
| Average occupancy rate | 91.8 | % | 91.0 | % | 0.8 | % | ||||||||||||||
| Average straight-line rent per occupied square foot (1) | $ | 26.31 | $ | 26.39 | $ | (0.08) | ||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | Variance | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Construction contract and other service revenues | $ | 70,640 | $ | 113,763 | $ | (43,123) | ||||||||||||||
| Construction contract and other service expenses | (67,615) | (109,962) | 42,347 | |||||||||||||||||
| NOI from service operations | $ | 3,025 | $ | 3,801 | $ | (776) | ||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | Variance | ||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Interest on Unsecured Senior Notes | $ | 53,534 | $ | 53,321 | $ | 213 | ||||||||||||||
|
Interest on mortgage and other secured debt
|
8,658 | 7,908 | 750 | |||||||||||||||||
| Interest on unsecured term debt | 5,909 | 8,908 | (2,999) | |||||||||||||||||
| Amortization of deferred financing costs | 2,538 | 2,136 | 402 | |||||||||||||||||
| Interest expense recognized on interest rate swaps | 3,726 | (1,415) | 5,141 | |||||||||||||||||
| Interest on Revolving Credit Facility | 3,239 | 8,613 | (5,374) | |||||||||||||||||
| Other interest | 2,393 | 2,367 | 26 | |||||||||||||||||
| Capitalized interest | (12,060) | (10,786) | (1,274) | |||||||||||||||||
| Interest expense | $ | 67,937 | $ | 71,052 | $ | (3,115) | ||||||||||||||
| For the Years Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| (Dollars and shares in thousands, except per share data) | |||||||||||
| Net income | $ | 102,878 | $ | 200,004 | |||||||
| Real estate-related depreciation and amortization | 138,193 | 137,069 | |||||||||
| Depreciation and amortization on UJV allocable to COPT | 3,329 | 2,703 | |||||||||
| Impairment losses on real estate | 1,530 | 329 | |||||||||
| Gain on sales of real estate | (30,209) | (105,230) | |||||||||
| Gain on sale of investment in unconsolidated real estate JV | (29,416) | — | |||||||||
| FFO | 186,305 | 234,875 | |||||||||
| Noncontrolling interests-preferred units in the Operating Partnership | (300) | (564) | |||||||||
| FFO allocable to other noncontrolling interests | (15,705) | (5,024) | |||||||||
| Basic FFO allocable to share-based compensation awards | (719) | (905) | |||||||||
| Basic FFO available to common shares and common unit holders | 169,581 | 228,382 | |||||||||
| Redeemable noncontrolling interests | 147 | 132 | |||||||||
| Diluted FFO available to common shares and common unit holders | 169,728 | 228,514 | |||||||||
| Loss on early extinguishment of debt | 7,306 | — | |||||||||
| Loss on interest rate derivatives | 53,196 | — | |||||||||
| Demolition costs on redevelopment and nonrecurring improvements | 63 | 148 | |||||||||
| Executive transition costs | — | 4 | |||||||||
| Non-comparable professional and legal expenses | — | 681 | |||||||||
| Dilutive preferred units in the Operating Partnership | 300 | — | |||||||||
| FFO allocation to other noncontrolling interests resulting from capital event | 11,090 | — | |||||||||
| Diluted FFO comparability adjustments allocable to share-based compensation awards | (327) | (3) | |||||||||
| Diluted FFO available to common share and common unit holders, as adjusted for comparability | $ | 241,356 | $ | 229,344 | |||||||
| Weighted average common shares | 111,788 | 111,196 | |||||||||
| Conversion of weighted average common units | 1,236 | 1,299 | |||||||||
| Weighted average common shares/units - Basic FFO per share | 113,024 | 112,495 | |||||||||
| Dilutive effect of share-based compensation awards | 288 | 308 | |||||||||
| Redeemable noncontrolling interests | 123 | 119 | |||||||||
| Weighted average common shares/units - Diluted FFO per share | 113,435 | 112,922 | |||||||||
| Dilutive convertible preferred units | 171 | — | |||||||||
| Weighted average common shares/units - Diluted FFO per share, as adjusted for comparability | 113,606 | 112,922 | |||||||||
| Diluted FFO per share | $ | 1.50 | $ | 2.02 | |||||||
| Diluted FFO per share, as adjusted for comparability | $ | 2.12 | $ | 2.03 | |||||||
| Denominator for diluted EPS | 112,076 | 111,623 | |||||||||
| Weighted average common units | 1,236 | 1,299 | |||||||||
| Redeemable noncontrolling interests | 123 | — | |||||||||
| Denominator for diluted FFO per share | 113,435 | 112,922 | |||||||||
| Dilutive convertible preferred units | 171 | — | |||||||||
| Denominator for diluted FFO per share, as adjusted for comparability | 113,606 | 112,922 | |||||||||
| Common share dividends - unrestricted shares and deferred shares | $ | 123,042 | $ | 122,823 | |||||||
| Common unit distributions - unrestricted units | 1,362 | 1,405 | |||||||||
| Dividends and distributions for FFO and diluted FFO payout ratios | 124,404 | 124,228 | |||||||||
| Distributions on dilutive preferred units | 300 | — | |||||||||
| Dividends and distributions for other payout ratio | $ | 124,704 | $ | 124,228 | |||||||
| FFO payout ratio | 66.8 | % | 52.9 | % | |||||||
| Diluted FFO payout ratio | 73.3 | % | 54.4 | % | |||||||
| Diluted FFO payout ratio, as adjusted for comparability | 51.7 | % | 54.2 | % | |||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | Variance | |||||||||||||||
| (in thousands) | |||||||||||||||||
| Development and redevelopment | $ | 345,818 | $ | 427,526 | $ | (81,708) | |||||||||||
| Tenant improvements on operating properties (1) | 26,071 | 26,294 | (223) | ||||||||||||||
| Capital improvements on operating properties | 34,060 | 26,598 | 7,462 | ||||||||||||||
| $ | 405,949 | $ | 480,418 | $ | (74,469) | ||||||||||||
| For the Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
| Contractual obligations (1) | |||||||||||||||||||||||||||||||||||||||||
| Debt (2) | |||||||||||||||||||||||||||||||||||||||||
| Balloon payments due upon maturity | $ | — | $ | 482,882 | $ | 556,578 | $ | 277,649 | $ | 322,100 | $ | 445,623 | $ | 2,084,832 | |||||||||||||||||||||||||||
| Scheduled principal payments (3) | 3,955 | 4,498 | 3,552 | 2,334 | 1,617 | 677 | 16,633 | ||||||||||||||||||||||||||||||||||
| Interest on debt (3)(4) | 64,643 | 63,576 | 45,913 | 27,625 | 18,176 | 2,543 | 222,476 | ||||||||||||||||||||||||||||||||||
|
Development and redevelopment obligations (5)(6)
|
100,139 | 7,302 | 388 | — | — | — | 107,829 | ||||||||||||||||||||||||||||||||||
|
Third-party construction obligations (6)(7)
|
18,823 | — | — | — | — | — | 18,823 | ||||||||||||||||||||||||||||||||||
|
Tenant and other building improvements (3)(6)
|
26,624 | 24,740 | 7,992 | — | — | — | 59,356 | ||||||||||||||||||||||||||||||||||
| Property finance leases (principal and interest) (3) | 14 | 14 | — | — | — | — | 28 | ||||||||||||||||||||||||||||||||||
| Property operating leases (3) | 3,211 | 3,332 | 3,382 | 3,434 | 1,780 | 126,350 | 141,489 | ||||||||||||||||||||||||||||||||||
| Total contractual cash obligations | $ | 217,409 | $ | 586,344 | $ | 617,805 | $ | 311,042 | $ | 343,673 | $ | 575,193 | $ | 2,651,466 | |||||||||||||||||||||||||||
| For the Years Ending December 31, | |||||||||||||||||||||||||||||||||||||||||
| 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
| Debt: | |||||||||||||||||||||||||||||||||||||||||
| Fixed rate debt (1) | $ | 3,875 | $ | 4,033 | $ | 416,590 | $ | 279,443 | $ | 301,302 | $ | 436,140 | $ | 1,441,383 | |||||||||||||||||||||||||||
|
Weighted average interest rate
|
3.97 | % | 3.98 | % | 3.70 | % | 5.16 | % | 4.99 | % | 2.38 | % | 3.86 | % | |||||||||||||||||||||||||||
| Variable rate debt (2) | $ | 80 | $ | 483,347 | $ | 143,540 | $ | 540 | $ | 22,415 | $ | 10,160 | $ | 660,082 | |||||||||||||||||||||||||||
|
Weighted average interest rate (3)
|
1.60 | % | 1.39 | % | 1.20 | % | 1.66 | % | 1.70 | % | 1.60 | % | 1.37 | % | |||||||||||||||||||||||||||
|
EXHIBIT
NO. |
DESCRIPTION | |||||||
|
EXHIBIT
NO. |
DESCRIPTION | |||||||
| 101.INS | XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document (filed herewith). | |||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document (filed herewith). | |||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). | |||||||
| 101.LAB | XBRL Extension Labels Linkbase (filed herewith). | |||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). | |||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
| CORPORATE OFFICE PROPERTIES TRUST | |||||||||||
| Date: | February 12, 2021 | By: | /s/ Stephen E. Budorick | ||||||||
| Stephen E. Budorick | |||||||||||
| President and Chief Executive Officer | |||||||||||
| Date: | February 12, 2021 | By: | /s/ Anthony Mifsud | ||||||||
| Anthony Mifsud | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
| Signatures | Title | Date | |||||||||
| /s/ Stephen E. Budorick | President and Chief Executive Officer and Trustee | February 12, 2021 | |||||||||
| (Stephen E. Budorick) | |||||||||||
| /s/ Anthony Mifsud | Executive Vice President and Chief Financial | February 12, 2021 | |||||||||
| (Anthony Mifsud) | Officer (Principal Financial Officer) | ||||||||||
| /s/ Gregory J. Thor | Senior Vice President, Controller and Chief | February 12, 2021 | |||||||||
| (Gregory J. Thor) | Accounting Officer (Principal Accounting Officer) | ||||||||||
| /s/ Thomas F. Brady | Chairman of the Board and Trustee | February 12, 2021 | |||||||||
| (Thomas F. Brady) | |||||||||||
| /s/ Robert L. Denton, Sr. | Trustee | February 12, 2021 | |||||||||
| ( Robert L. Denton, Sr.) | |||||||||||
| /s/ Philip L. Hawkins | Trustee | February 12, 2021 | |||||||||
| (Philip L. Hawkins) | |||||||||||
| /s/ David M. Jacobstein | Trustee | February 12, 2021 | |||||||||
| (David M. Jacobstein) | |||||||||||
| /s/ Steven D. Kesler | Trustee | February 12, 2021 | |||||||||
| (Steven D. Kesler) | |||||||||||
| /s/ Letitia A. Long | Trustee | February 12, 2021 | |||||||||
| (Letitia A. Long) | |||||||||||
| /s/ C. Taylor Pickett | Trustee | February 12, 2021 | |||||||||
| (C. Taylor Pickett) | |||||||||||
| /s/ Lisa G. Trimberger | Trustee | February 12, 2021 | |||||||||
| (Lisa G. Trimberger) | |||||||||||
| CORPORATE OFFICE PROPERTIES, L.P. | |||||||||||
| By: Corporate Office Properties Trust, | |||||||||||
| its General Partner | |||||||||||
| Date: | February 12, 2021 | By: | /s/ Stephen E. Budorick | ||||||||
| Stephen E. Budorick | |||||||||||
| President and Chief Executive Officer | |||||||||||
| Date: | February 12, 2021 | By: | /s/ Anthony Mifsud | ||||||||
| Anthony Mifsud | |||||||||||
| Executive Vice President and Chief Financial Officer | |||||||||||
| Signatures | Title | Date | |||||||||
| /s/ Stephen E. Budorick | President and Chief Executive Officer and Trustee | February 12, 2021 | |||||||||
| (Stephen E. Budorick) | |||||||||||
| /s/ Anthony Mifsud | Executive Vice President and Chief Financial | February 12, 2021 | |||||||||
| (Anthony Mifsud) | Officer (Principal Financial Officer) | ||||||||||
| /s/ Gregory J. Thor | Senior Vice President, Controller and Chief | February 12, 2021 | |||||||||
| (Gregory J. Thor) | Accounting Officer (Principal Accounting Officer) | ||||||||||
| /s/ Thomas F. Brady | Chairman of the Board and Trustee | February 12, 2021 | |||||||||
| (Thomas F. Brady) | |||||||||||
| /s/ Robert L. Denton, Sr. | Trustee | February 12, 2021 | |||||||||
| ( Robert L. Denton, Sr.) | |||||||||||
| /s/ Philip L. Hawkins | Trustee | February 12, 2021 | |||||||||
| (Philip L. Hawkins) | |||||||||||
| /s/ David M. Jacobstein | Trustee | February 12, 2021 | |||||||||
| (David M. Jacobstein) | |||||||||||
| /s/ Steven D. Kesler | Trustee | February 12, 2021 | |||||||||
| (Steven D. Kesler) | |||||||||||
| /s/ Letitia A. Long | Trustee | February 12, 2021 | |||||||||
| (Letitia A. Long) | |||||||||||
| /s/ C. Taylor Pickett | Trustee | February 12, 2021 | |||||||||
| (C. Taylor Pickett) | |||||||||||
| /s/ Lisa G. Trimberger | Trustee | February 12, 2021 | |||||||||
| (Lisa G. Trimberger) | |||||||||||
|
Management’s Reports on Internal Control Over Financial Reporting
|
|||||
|
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2
|
|||||
|
F-
3
|
|||||
|
Reports of Independent Registered Public Accounting Firm
|
|||||
|
F-
4
|
|||||
|
F-
6
|
|||||
|
Consolidated Financial Statements of Corporate Office Properties Trust
|
|||||
|
F-
8
|
|||||
|
F-
9
|
|||||
|
F-
10
|
|||||
|
F-
11
|
|||||
|
F-
12
|
|||||
|
Consolidated Financial Statements of Corporate Office Properties, L.P.
|
|||||
|
F-
14
|
|||||
|
F-
15
|
|||||
|
F-
16
|
|||||
|
F-
17
|
|||||
|
F-
18
|
|||||
|
F-
20
|
|||||
|
Financial Statements Schedule
|
|||||
|
F-
62
|
|||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
| Properties, net: | |||||||||||
| Operating properties, net | $ |
|
$ |
|
|||||||
| Projects in development or held for future development |
|
|
|||||||||
| Total properties, net |
|
|
|||||||||
| Property - operating right-of-use assets |
|
|
|||||||||
| Property - finance right-of-use assets |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Investment in unconsolidated real estate joint ventures |
|
|
|||||||||
| Accounts receivable, net |
|
|
|||||||||
| Deferred rent receivable |
|
|
|||||||||
| Intangible assets on real estate acquisitions, net |
|
|
|||||||||
|
Deferred leasing costs (net of accumulated amortization of $
|
|
|
|||||||||
|
Investing receivables (net of allowance for credit losses of $
|
|
|
|||||||||
| Prepaid expenses and other assets, net |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
| Liabilities and equity | |||||||||||
| Liabilities: | |||||||||||
| Debt, net | $ |
|
$ |
|
|||||||
| Accounts payable and accrued expenses |
|
|
|||||||||
| Rents received in advance and security deposits |
|
|
|||||||||
| Dividends and distributions payable |
|
|
|||||||||
| Deferred revenue associated with operating leases |
|
|
|||||||||
| Property - operating lease liabilities |
|
|
|||||||||
| Interest rate derivatives |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
|
Commitments and contingencies (Note 20)
|
|
|
|||||||||
| Redeemable noncontrolling interests |
|
|
|||||||||
| Equity: | |||||||||||
| Corporate Office Properties Trust’s shareholders’ equity: | |||||||||||
|
Common Shares of beneficial interest ($
|
|
|
|||||||||
| Additional paid-in capital |
|
|
|||||||||
| Cumulative distributions in excess of net income |
(
|
(
|
|||||||||
| Accumulated other comprehensive loss |
(
|
(
|
|||||||||
| Total Corporate Office Properties Trust’s shareholders’ equity |
|
|
|||||||||
| Noncontrolling interests in subsidiaries: | |||||||||||
| Common units in COPLP |
|
|
|||||||||
| Preferred units in COPLP |
|
|
|||||||||
| Other consolidated entities |
|
|
|||||||||
| Noncontrolling interests in subsidiaries |
|
|
|||||||||
| Total equity |
|
|
|||||||||
| Total liabilities, redeemable noncontrolling interests and equity | $ |
|
$ |
|
|||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Revenues | |||||||||||||||||
| Lease revenue | $ |
|
$ |
|
$ |
|
|||||||||||
| Other property revenue |
|
|
|
||||||||||||||
| Construction contract and other service revenues |
|
|
|
||||||||||||||
| Total revenues |
|
|
|
||||||||||||||
| Operating expenses | |||||||||||||||||
| Property operating expenses |
|
|
|
||||||||||||||
| Depreciation and amortization associated with real estate operations |
|
|
|
||||||||||||||
| Construction contract and other service expenses |
|
|
|
||||||||||||||
| Impairment losses |
|
|
|
||||||||||||||
| General, administrative and leasing expenses |
|
|
|
||||||||||||||
| Business development expenses and land carry costs |
|
|
|
||||||||||||||
| Total operating expenses |
|
|
|
||||||||||||||
| Interest expense |
(
|
(
|
(
|
||||||||||||||
| Interest and other income |
|
|
|
||||||||||||||
| Credit loss recoveries |
|
|
|
||||||||||||||
| Gain on sales of real estate |
|
|
|
||||||||||||||
| Gain on sale of investment in unconsolidated real estate joint venture |
|
|
|
||||||||||||||
| Loss on early extinguishment of debt |
(
|
|
(
|
||||||||||||||
| Loss on interest rate derivatives |
(
|
|
|
||||||||||||||
|
Income before equity in income of unconsolidated entities and income taxes
|
|
|
|
||||||||||||||
| Equity in income of unconsolidated entities |
|
|
|
||||||||||||||
| Income tax (expense) benefit |
(
|
|
|
||||||||||||||
| Net income |
|
|
|
||||||||||||||
| Net income attributable to noncontrolling interests: | |||||||||||||||||
| Common units in COPLP |
(
|
(
|
(
|
||||||||||||||
| Preferred units in COPLP |
(
|
(
|
(
|
||||||||||||||
| Other consolidated entities |
(
|
(
|
(
|
||||||||||||||
|
Net income attributable to COPT common shareholders
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Earnings per common share: (1) | |||||||||||||||||
| Net income attributable to COPT common shareholders - basic | $ |
|
$ |
|
$ |
|
|||||||||||
| Net income attributable to COPT common shareholders - diluted | $ |
|
$ |
|
$ |
|
|||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
||||||||||||||
| Other comprehensive income (loss) | ||||||||||||||||||||
| Unrealized loss on interest rate derivatives |
(
|
(
|
(
|
|||||||||||||||||
|
Reclassification adjustments on interest rate derivatives recognized in interest expense
|
|
(
|
(
|
|||||||||||||||||
|
Reclassification adjustments on interest rate derivatives recognized in loss on interest rate derivatives
|
|
|
|
|||||||||||||||||
|
Equity in other comprehensive income of equity method investee
|
|
|
|
|||||||||||||||||
| Total other comprehensive income (loss) |
|
(
|
(
|
|||||||||||||||||
| Comprehensive income |
|
|
|
|||||||||||||||||
|
Comprehensive income attributable to noncontrolling interests
|
(
|
(
|
(
|
|||||||||||||||||
| Comprehensive income attributable to COPT | $ |
|
$ |
|
$ |
|
||||||||||||||
|
Common
Shares |
Additional
Paid-in Capital |
Cumulative
Distributions in Excess of Net Income |
Accumulated
Other Comprehensive Income (Loss) |
Noncontrolling
Interests |
Total | ||||||||||||||||||||||||||||||
|
Balance at December 31, 2017 (
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
| — | — |
(
|
|
— |
|
||||||||||||||||||||||||||||||
|
Balance at December 31, 2017, as adjusted
|
|
|
(
|
|
|
|
|||||||||||||||||||||||||||||
|
Conversion of common units to common shares (
|
|
|
— | — |
(
|
|
|||||||||||||||||||||||||||||
| Redemption of common units | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
|
Common shares issued under forward equity sale agreements (
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||
|
Common shares issued under at-the-market program (
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||
|
Share-based compensation (
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||
|
Redemption of vested equity awards
|
— |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||
|
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
|
— |
(
|
— | — |
|
|
|||||||||||||||||||||||||||||
|
Comprehensive income
|
— | — |
|
(
|
|
|
|||||||||||||||||||||||||||||
|
Dividends
|
— | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||
|
Distributions to owners of common and preferred units in COPLP
|
— | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
|
Distributions to noncontrolling interest in other consolidated entities
|
— | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
| Adjustment to arrive at fair value of redeemable noncontrolling interests | — |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||
|
Balance at December 31, 2018 (
|
|
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||
|
Conversion of common units to common shares (
|
|
|
— | — |
(
|
|
|||||||||||||||||||||||||||||
| Redemption of common units | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
|
Common shares issued to the public (
|
— |
|
— | — | — |
|
|||||||||||||||||||||||||||||
|
Common shares issued under forward equity sale agreements (
|
|
|
— | — | — |
|
|||||||||||||||||||||||||||||
|
Share-based compensation (
|
|
|
— | — |
|
|
|||||||||||||||||||||||||||||
|
Redemption of vested equity awards
|
— |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||
|
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
|
— |
(
|
— | — |
|
|
|||||||||||||||||||||||||||||
|
Comprehensive income
|
— | — |
|
(
|
|
|
|||||||||||||||||||||||||||||
|
Dividends
|
— | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||
|
Distributions to owners of common and preferred units in COPLP
|
— | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
|
Contributions from noncontrolling interests in other consolidated entities
|
— | — | — | — |
|
|
|||||||||||||||||||||||||||||
|
Distributions to noncontrolling interests in other consolidated entities
|
— | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
| Adjustment to arrive at fair value of redeemable noncontrolling interests | — |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||
|
Balance at December 31, 2019 (
|
|
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||
| — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||
|
Balance at December 31, 2019, as adjusted
|
|
|
(
|
(
|
|
|
|||||||||||||||||||||||||||||
|
Conversion of common units to common shares (
|
— |
|
— | — |
(
|
|
|||||||||||||||||||||||||||||
| Redemption of preferred units | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
|
Share-based compensation (
|
|
|
— | — |
|
|
|||||||||||||||||||||||||||||
|
Redemption of vested equity awards
|
— |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||
|
Adjustments to noncontrolling interests resulting from changes in ownership of COPLP
|
— |
|
— | — |
(
|
|
|||||||||||||||||||||||||||||
|
Comprehensive income
|
— | — |
|
|
|
|
|||||||||||||||||||||||||||||
|
Dividends
|
— | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||
|
Distributions to owners of common and preferred units in COPLP
|
— | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
|
Contributions from noncontrolling interests in other consolidated entities
|
— | — | — | — |
|
|
|||||||||||||||||||||||||||||
|
Distributions to noncontrolling interests in other consolidated entities
|
— | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||
|
Adjustment to arrive at fair value of redeemable noncontrolling interests
|
— |
(
|
— | — | — |
(
|
|||||||||||||||||||||||||||||
|
Balance at December 31, 2020 (
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash flows from operating activities | |||||||||||||||||
| Revenues from real estate operations received | $ |
|
$ |
|
$ |
|
|||||||||||
| Construction contract and other service revenues received |
|
|
|
||||||||||||||
| Property operating expenses paid |
(
|
(
|
(
|
||||||||||||||
| Construction contract and other service expenses paid |
(
|
(
|
(
|
||||||||||||||
| General, administrative, leasing, business development and land carry costs paid |
(
|
(
|
(
|
||||||||||||||
| Interest expense paid |
(
|
(
|
(
|
||||||||||||||
| Lease incentives paid |
(
|
(
|
(
|
||||||||||||||
| Sales-type lease costs paid |
(
|
|
|
||||||||||||||
| Income taxes paid |
(
|
|
(
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| Cash flows from investing activities | |||||||||||||||||
| Development and redevelopment of properties |
(
|
(
|
(
|
||||||||||||||
| Tenant improvements on operating properties |
(
|
(
|
(
|
||||||||||||||
| Other capital improvements on operating properties |
(
|
(
|
(
|
||||||||||||||
| Proceeds from property dispositions | |||||||||||||||||
|
Distribution from unconsolidated real estate joint venture following contribution of properties
|
|
|
|
||||||||||||||
| Sale of properties |
|
|
|
||||||||||||||
| Proceeds from sale of investment in unconsolidated real estate joint venture |
|
|
|
||||||||||||||
| Non-operating distributions from unconsolidated real estate joint venture |
|
|
|
||||||||||||||
| Investing receivables funded |
(
|
(
|
(
|
||||||||||||||
| Investing receivables payments received |
|
|
|
||||||||||||||
| Leasing costs paid |
(
|
(
|
(
|
||||||||||||||
| Settlement of interest rate derivatives |
(
|
|
|
||||||||||||||
| Other |
(
|
|
(
|
||||||||||||||
| Net cash used in investing activities |
(
|
(
|
(
|
||||||||||||||
| Cash flows from financing activities | |||||||||||||||||
| Proceeds from debt | |||||||||||||||||
| Revolving Credit Facility |
|
|
|
||||||||||||||
| Unsecured senior notes |
|
|
|
||||||||||||||
| Other debt proceeds |
|
|
|
||||||||||||||
| Repayments of debt | |||||||||||||||||
| Revolving Credit Facility |
(
|
(
|
(
|
||||||||||||||
| Unsecured senior notes |
(
|
|
|
||||||||||||||
| Scheduled principal amortization |
(
|
(
|
(
|
||||||||||||||
| Other debt repayments |
(
|
(
|
(
|
||||||||||||||
| Deferred financing costs paid |
(
|
(
|
(
|
||||||||||||||
| Payments on finance lease liabilities |
(
|
(
|
(
|
||||||||||||||
| Net proceeds from issuance of common shares |
|
|
|
||||||||||||||
| Common share dividends paid |
(
|
(
|
(
|
||||||||||||||
| Distributions paid to noncontrolling interests in COPLP |
(
|
(
|
(
|
||||||||||||||
| Distributions paid to noncontrolling interests in other consolidated entities |
(
|
(
|
(
|
||||||||||||||
| Distributions paid to redeemable noncontrolling interests |
(
|
(
|
(
|
||||||||||||||
| Redemption of preferred units |
(
|
|
|
||||||||||||||
| Payments in connection with early extinguishment of debt |
(
|
|
|
||||||||||||||
| Other |
(
|
(
|
(
|
||||||||||||||
| Net cash provided by (used in) financing activities |
|
(
|
|
||||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
(
|
||||||||||||||
| Cash and cash equivalents and restricted cash | |||||||||||||||||
| Beginning of year |
|
|
|
||||||||||||||
| End of year | $ |
|
$ |
|
$ |
|
|||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Reconciliation of net income to net cash provided by operating activities: | |||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||||||||
| Depreciation and other amortization |
|
|
|
||||||||||||||
| Impairment losses |
|
|
|
||||||||||||||
| Amortization of deferred financing costs and net debt discounts |
|
|
|
||||||||||||||
| Increase in deferred rent receivable |
(
|
(
|
(
|
||||||||||||||
| Gain on sales of real estate |
(
|
(
|
(
|
||||||||||||||
| Gain on sale of investment in unconsolidated real estate joint venture |
(
|
|
|
||||||||||||||
| Share-based compensation |
|
|
|
||||||||||||||
| Loss on early extinguishment of debt |
|
|
|
||||||||||||||
| Loss on interest rate derivatives |
|
|
|
||||||||||||||
| Other |
(
|
(
|
(
|
||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| (Increase) decrease in accounts receivable |
(
|
(
|
|
||||||||||||||
| Increase in prepaid expenses and other assets, net |
(
|
(
|
(
|
||||||||||||||
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
|
|
(
|
||||||||||||||
| (Decrease) increase in rents received in advance and security deposits |
(
|
|
|
||||||||||||||
| Net cash provided by operating activities | $ |
|
$ |
|
$ |
|
|||||||||||
| Reconciliation of cash and cash equivalents and restricted cash: | |||||||||||||||||
| Cash and cash equivalents at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash at beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Cash and cash equivalents at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash at end of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Supplemental schedule of non-cash investing and financing activities: | |||||||||||||||||
| (Decrease) increase in accrued capital improvements, leasing and other investing activity costs | $ |
(
|
$ |
|
$ |
|
|||||||||||
|
Finance right-of-use asset contributed by noncontrolling interest in joint venture
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Recognition of operating right-of-use assets and related lease liabilities | $ |
|
$ |
|
$ |
|
|||||||||||
| Non-cash changes from property dispositions: | |||||||||||||||||
| Contribution of properties to unconsolidated real estate joint venture | $ |
|
$ |
|
$ |
|
|||||||||||
| Investment in unconsolidated real estate joint ventures retained in disposition | $ |
|
$ |
|
$ |
|
|||||||||||
|
Non-cash changes from recognition of property sale previously accounted for as financing arrangement:
|
|||||||||||||||||
| Decrease in assets held for sale, net | $ |
|
$ |
|
$ |
(
|
|||||||||||
| Decrease in deferred property sale | $ |
|
$ |
|
$ |
|
|||||||||||
| (Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
Equity in other comprehensive income of an equity method investee
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Dividends/distributions payable
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Decrease in noncontrolling interests and increase in shareholders’ equity in connection with the conversion of common units into common shares
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Adjustments to noncontrolling interests resulting from changes in COPLP ownership
|
$ |
(
|
$ |
|
$ |
|
|||||||||||
|
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value
|
$ |
|
$ |
|
$ |
|
|||||||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Assets | |||||||||||
| Properties, net: | |||||||||||
| Operating properties, net | $ |
|
$ |
|
|||||||
| Projects in development or held for future development |
|
|
|||||||||
| Total properties, net |
|
|
|||||||||
| Property - operating right-of-use assets |
|
|
|||||||||
| Property - finance right-of-use assets |
|
|
|||||||||
| Cash and cash equivalents |
|
|
|||||||||
| Investment in unconsolidated real estate joint ventures |
|
|
|||||||||
| Accounts receivable, net |
|
|
|||||||||
| Deferred rent receivable |
|
|
|||||||||
| Intangible assets on real estate acquisitions, net |
|
|
|||||||||
|
Deferred leasing costs (net of accumulated amortization of $
|
|
|
|||||||||
|
Investing receivables (net of allowance for credit losses of $
|
|
|
|||||||||
| Prepaid expenses and other assets, net |
|
|
|||||||||
| Total assets | $ |
|
$ |
|
|||||||
| Liabilities and equity | |||||||||||
| Liabilities: | |||||||||||
| Debt, net | $ |
|
$ |
|
|||||||
| Accounts payable and accrued expenses |
|
|
|||||||||
| Rents received in advance and security deposits |
|
|
|||||||||
| Distributions payable |
|
|
|||||||||
| Deferred revenue associated with operating leases |
|
|
|||||||||
| Property - operating lease liabilities |
|
|
|||||||||
| Interest rate derivatives |
|
|
|||||||||
| Other liabilities |
|
|
|||||||||
| Total liabilities |
|
|
|||||||||
|
Commitments and contingencies (Note 20)
|
|
|
|||||||||
| Redeemable noncontrolling interests |
|
|
|||||||||
| Equity: | |||||||||||
| Corporate Office Properties, L.P.’s equity: | |||||||||||
|
Preferred units held by limited partner,
|
|
|
|||||||||
|
Common units,
|
|
|
|||||||||
| Accumulated other comprehensive loss |
(
|
(
|
|||||||||
| Total Corporate Office Properties, L.P.’s equity |
|
|
|||||||||
| Noncontrolling interests in subsidiaries |
|
|
|||||||||
| Total equity |
|
|
|||||||||
| Total liabilities, redeemable noncontrolling interests and equity | $ |
|
$ |
|
|||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Revenues | |||||||||||||||||
| Lease revenue | $ |
|
$ |
|
$ |
|
|||||||||||
| Other property revenue |
|
|
|
||||||||||||||
| Construction contract and other service revenues |
|
|
|
||||||||||||||
| Total revenues |
|
|
|
||||||||||||||
| Operating expenses | |||||||||||||||||
| Property operating expenses |
|
|
|
||||||||||||||
| Depreciation and amortization associated with real estate operations |
|
|
|
||||||||||||||
| Construction contract and other service expenses |
|
|
|
||||||||||||||
| Impairment losses |
|
|
|
||||||||||||||
| General, administrative and leasing expenses |
|
|
|
||||||||||||||
| Business development expenses and land carry costs |
|
|
|
||||||||||||||
| Total operating expenses |
|
|
|
||||||||||||||
| Interest expense |
(
|
(
|
(
|
||||||||||||||
| Interest and other income |
|
|
|
||||||||||||||
| Credit loss recoveries |
|
|
|
||||||||||||||
| Gain on sales of real estate |
|
|
|
||||||||||||||
| Gain on sale of investment in unconsolidated real estate joint venture |
|
|
|
||||||||||||||
| Loss on early extinguishment of debt |
(
|
|
(
|
||||||||||||||
| Loss on interest rate derivatives |
(
|
|
|
||||||||||||||
|
Income before equity in income of unconsolidated entities and income taxes
|
|
|
|
||||||||||||||
| Equity in income of unconsolidated entities |
|
|
|
||||||||||||||
| Income tax (expense) benefit |
(
|
|
|
||||||||||||||
| Net income |
|
|
|
||||||||||||||
|
Net income attributable to noncontrolling interests in consolidated entities
|
(
|
(
|
(
|
||||||||||||||
| Net income attributable to COPLP |
|
|
|
||||||||||||||
| Preferred unit distributions |
(
|
(
|
(
|
||||||||||||||
|
Net income attributable to COPLP common unitholders
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Earnings per common unit: (1) | |||||||||||||||||
| Net income attributable to COPLP common unitholders - basic | $ |
|
$ |
|
$ |
|
|||||||||||
| Net income attributable to COPLP common unitholders - diluted | $ |
|
$ |
|
$ |
|
|||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
||||||||||||||
| Other comprehensive income (loss) | ||||||||||||||||||||
| Unrealized loss on interest rate derivatives |
(
|
(
|
(
|
|||||||||||||||||
|
Reclassification adjustments on interest rate derivatives recognized in interest expense
|
|
(
|
(
|
|||||||||||||||||
|
Reclassification adjustments on interest rate derivatives recognized in loss on interest rate derivatives
|
|
|
|
|||||||||||||||||
|
Equity in other comprehensive income of equity method investee
|
|
|
|
|||||||||||||||||
| Total other comprehensive income (loss) |
|
(
|
(
|
|||||||||||||||||
| Comprehensive income |
|
|
|
|||||||||||||||||
|
Comprehensive income attributable to noncontrolling interests
|
(
|
(
|
(
|
|||||||||||||||||
| Comprehensive income attributable to COPLP | $ |
|
$ |
|
$ |
|
||||||||||||||
| Limited Partner Preferred Units | Common Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Subsidiaries | Total Equity | |||||||||||||||||||||||||||||||||||||
| Units | Amount | Units | Amount | ||||||||||||||||||||||||||||||||||||||
|
Balance at December 31, 2017
|
|
$ |
|
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
| — | — | — |
(
|
|
— |
|
|||||||||||||||||||||||||||||||||||
|
Balance at December 31, 2017 as adjusted
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
| Redemption of common units | — | — |
(
|
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Issuance of common units resulting from common shares issued under COPT forward equity sale agreements
|
— | — |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||
|
Issuance of common units resulting from common shares issued under COPT at-the-market program
|
— | — |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||
|
Share-based compensation (units net of redemption)
|
— | — |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||
| Redemptions of vested equity awards | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Comprehensive income
|
— |
|
— |
|
(
|
|
|
||||||||||||||||||||||||||||||||||
|
Distributions to owners of common and preferred units
|
— |
(
|
— |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Distributions to noncontrolling interests in subsidiaries
|
— | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
| Adjustment to arrive at fair value of redeemable noncontrolling interests | — | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Balance at December 31, 2018
|
|
|
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||
|
Redemption of common units
|
— | — |
(
|
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
| Issuance of common units resulting from public issuance of common shares | — | — |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||
|
Issuance of common units resulting from common shares issued under COPT forward equity sale agreements
|
— | — |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||
|
Share-based compensation (units net of redemption)
|
— | — |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||
|
Redemptions of vested equity awards
|
— | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Comprehensive income
|
— |
|
— |
|
(
|
|
|
||||||||||||||||||||||||||||||||||
|
Distributions to owners of common and preferred units
|
— |
(
|
— |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Contributions from noncontrolling interests in subsidiaries
|
— | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||
|
Distributions to noncontrolling interests in subsidiaries
|
— | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Adjustment to arrive at fair value of redeemable noncontrolling interests
|
— | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Balance at December 31, 2019
|
|
|
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||
| — | — | — |
(
|
— | — |
(
|
|||||||||||||||||||||||||||||||||||
|
Balance at December 31, 2019, as adjusted
|
|
|
|
|
(
|
|
|
||||||||||||||||||||||||||||||||||
| Redemption of preferred units |
(
|
(
|
— | — | — | — |
(
|
||||||||||||||||||||||||||||||||||
|
Share-based compensation (units net of redemption)
|
— | — |
|
|
— | — |
|
||||||||||||||||||||||||||||||||||
|
Redemptions of vested equity awards
|
— | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Comprehensive income
|
— |
|
— |
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Distributions to owners of common and preferred units
|
— |
(
|
— |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Contributions from noncontrolling interests in subsidiaries
|
— | — | — | — | — |
|
|
||||||||||||||||||||||||||||||||||
|
Distributions to noncontrolling interests in subsidiaries
|
— | — | — | — | — |
(
|
(
|
||||||||||||||||||||||||||||||||||
|
Adjustment to arrive at fair value of redeemable noncontrolling interests
|
— | — | — |
(
|
— | — |
(
|
||||||||||||||||||||||||||||||||||
|
Balance at December 31, 2020
|
|
$ |
|
|
$ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Cash flows from operating activities | |||||||||||||||||
| Revenues from real estate operations received | $ |
|
$ |
|
$ |
|
|||||||||||
| Construction contract and other service revenues received |
|
|
|
||||||||||||||
| Property operating expenses paid |
(
|
(
|
(
|
||||||||||||||
| Construction contract and other service expenses paid |
(
|
(
|
(
|
||||||||||||||
| General, administrative, leasing, business development and land carry costs paid |
(
|
(
|
(
|
||||||||||||||
| Interest expense paid |
(
|
(
|
(
|
||||||||||||||
| Lease incentives paid |
(
|
(
|
(
|
||||||||||||||
| Sales-type lease costs paid |
(
|
|
|
||||||||||||||
| Income taxes paid |
(
|
|
(
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| Net cash provided by operating activities |
|
|
|
||||||||||||||
| Cash flows from investing activities | |||||||||||||||||
| Development and redevelopment of properties |
(
|
(
|
(
|
||||||||||||||
| Tenant improvements on operating properties |
(
|
(
|
(
|
||||||||||||||
| Other capital improvements on operating properties |
(
|
(
|
(
|
||||||||||||||
| Proceeds from property dispositions | |||||||||||||||||
|
Distribution from unconsolidated real estate joint venture following contribution of properties
|
|
|
|
||||||||||||||
| Sale of properties |
|
|
|
||||||||||||||
| Proceeds from sale of investment in unconsolidated real estate joint venture |
|
|
|
||||||||||||||
| Non-operating distributions from unconsolidated real estate joint venture |
|
|
|
||||||||||||||
| Investing receivables funded |
(
|
(
|
(
|
||||||||||||||
| Investing receivables payments received |
|
|
|
||||||||||||||
| Leasing costs paid |
(
|
(
|
(
|
||||||||||||||
| Settlement of interest rate derivatives |
(
|
|
|
||||||||||||||
| Other |
(
|
|
(
|
||||||||||||||
| Net cash used in investing activities |
(
|
(
|
(
|
||||||||||||||
| Cash flows from financing activities | |||||||||||||||||
| Proceeds from debt | |||||||||||||||||
| Revolving Credit Facility |
|
|
|
||||||||||||||
| Unsecured senior notes |
|
|
|
||||||||||||||
| Other debt proceeds |
|
|
|
||||||||||||||
| Repayments of debt | |||||||||||||||||
| Revolving Credit Facility |
(
|
(
|
(
|
||||||||||||||
| Unsecured senior notes |
(
|
|
|
||||||||||||||
| Scheduled principal amortization |
(
|
(
|
(
|
||||||||||||||
| Other debt repayments |
(
|
(
|
(
|
||||||||||||||
| Deferred financing costs paid |
(
|
(
|
(
|
||||||||||||||
| Payments on finance lease liabilities |
(
|
(
|
(
|
||||||||||||||
| Net proceeds from issuance of common units |
|
|
|
||||||||||||||
| Redemption of preferred units |
(
|
|
|
||||||||||||||
| Common unit distributions paid |
(
|
(
|
(
|
||||||||||||||
| Distributions paid to noncontrolling interests in other consolidated entities |
(
|
(
|
(
|
||||||||||||||
| Distributions paid to redeemable noncontrolling interests |
(
|
(
|
(
|
||||||||||||||
| Payments in connection with early extinguishment of debt |
(
|
|
|
||||||||||||||
| Other |
(
|
(
|
(
|
||||||||||||||
| Net cash provided by (used in) financing activities |
|
(
|
|
||||||||||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
(
|
||||||||||||||
| Cash and cash equivalents and restricted cash | |||||||||||||||||
| Beginning of year |
|
|
|
||||||||||||||
| End of year | $ |
|
$ |
|
$ |
|
|||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Reconciliation of net income to net cash provided by operating activities: | |||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
|||||||||||
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|||||||||||||||||
| Depreciation and other amortization |
|
|
|
||||||||||||||
| Impairment losses |
|
|
|
||||||||||||||
| Amortization of deferred financing costs and net debt discounts |
|
|
|
||||||||||||||
| Increase in deferred rent receivable |
(
|
(
|
(
|
||||||||||||||
| Gain on sales of real estate |
(
|
(
|
(
|
||||||||||||||
| Gain on sale of investment in unconsolidated real estate joint venture |
(
|
|
|
||||||||||||||
| Share-based compensation |
|
|
|
||||||||||||||
| Loss on early extinguishment of debt |
|
|
|
||||||||||||||
| Loss on interest rate derivatives |
|
|
|
||||||||||||||
| Other |
(
|
(
|
(
|
||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| (Increase) decrease in accounts receivable |
(
|
(
|
|
||||||||||||||
| Increase in prepaid expenses and other assets, net |
(
|
(
|
(
|
||||||||||||||
| Increase (decrease) in accounts payable, accrued expenses and other liabilities |
|
|
(
|
||||||||||||||
| (Decrease) increase in rents received in advance and security deposits |
(
|
|
|
||||||||||||||
| Net cash provided by operating activities | $ |
|
$ |
|
$ |
|
|||||||||||
| Reconciliation of cash and cash equivalents and restricted cash: | |||||||||||||||||
| Cash and cash equivalents at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash at beginning of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Cash and cash equivalents at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Restricted cash at end of period |
|
|
|
||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | $ |
|
$ |
|
$ |
|
|||||||||||
| Supplemental schedule of non-cash investing and financing activities: | |||||||||||||||||
| (Decrease) increase in accrued capital improvements, leasing and other investing activity costs | $ |
(
|
$ |
|
$ |
|
|||||||||||
|
Finance right-of-use asset contributed by noncontrolling interest in joint venture
|
$ |
|
$ |
|
$ |
|
|||||||||||
| Recognition of operating right-of-use assets and related lease liabilities | $ |
|
$ |
|
$ |
|
|||||||||||
| Non-cash changes from property dispositions: | |||||||||||||||||
| Contribution of properties to unconsolidated real estate joint venture | $ |
|
$ |
|
$ |
|
|||||||||||
| Investment in unconsolidated real estate joint ventures retained in disposition | $ |
|
$ |
|
$ |
|
|||||||||||
|
Non-cash changes from recognition of property sale previously accounted for as financing arrangement:
|
|||||||||||||||||
| Decrease in assets held for sale, net | $ |
|
$ |
|
$ |
(
|
|||||||||||
| Decrease in deferred property sale | $ |
|
$ |
|
$ |
|
|||||||||||
| (Decrease) increase in fair value of derivatives applied to accumulated other comprehensive income and noncontrolling interests | $ |
(
|
$ |
(
|
$ |
|
|||||||||||
|
Equity in other comprehensive income of an equity method investee
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Distributions payable
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Increase in redeemable noncontrolling interests and decrease in equity to carry redeemable noncontrolling interests at fair value
|
$ |
|
$ |
|
$ |
|
|||||||||||
|
Estimated Useful Lives
|
||||||||
|
Buildings and building improvements
|
|
|||||||
|
Land improvements
|
|
|||||||
|
Tenant improvements on operating properties
|
Shorter of remaining useful lives of assets or related lease term
|
|||||||
|
Equipment and personal property
|
|
|||||||
|
Asset Type
|
Amortization Period
|
|||||||
|
Above- and below-market leases
|
Related lease terms
|
|||||||
|
In-place lease value
|
Related lease terms
|
|||||||
|
Tenant relationship value
|
Estimated period of time that tenant will lease space in property
|
|||||||
|
Above- and below-market cost arrangements
|
Term of arrangements
|
|||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Ordinary income |
|
% |
|
% |
|
% | ||||||||||||||
| Long-term capital gain |
|
% |
|
% |
|
% | ||||||||||||||
| Return of capital |
|
% |
|
% |
|
% | ||||||||||||||
| Description |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs(Level 2) |
Significant
Unobservable Inputs (Level 3) |
Total | ||||||||||||||||||||||
|
December 31, 2020:
|
||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Marketable securities in deferred compensation plan (1) | ||||||||||||||||||||||||||
| Mutual funds | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Other |
|
|
|
|
||||||||||||||||||||||
| Other marketable securities (1) |
|
|
|
|
||||||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Deferred compensation plan liability (2) | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Interest rate derivatives |
|
|
|
|
||||||||||||||||||||||
| Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
|
December 31, 2019:
|
||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Marketable securities in deferred compensation plan (1) | ||||||||||||||||||||||||||
| Mutual funds | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Other |
|
|
|
|
||||||||||||||||||||||
| Interest rate derivatives (1) |
|
|
|
|
||||||||||||||||||||||
| Total assets | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Deferred compensation plan liability (2) | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Interest rate derivatives |
|
|
|
|
||||||||||||||||||||||
| Total liabilities | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Description |
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
Significant Other
Observable Inputs(Level 2) |
Significant
Unobservable Inputs (Level 3) |
Total | ||||||||||||||||||||||
| December 31, 2020: | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Other marketable securities (1) | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Interest rate derivatives | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| December 31, 2019: | ||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||
| Interest rate derivatives (1) | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| Liabilities: | ||||||||||||||||||||||||||
| Interest rate derivatives | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Land | $ |
|
$ |
|
|||||||
| Buildings and improvements |
|
|
|||||||||
| Less: Accumulated depreciation |
(
|
(
|
|||||||||
| Operating properties, net | $ |
|
$ |
|
|||||||
| For the Years Ended December 31, | ||||||||||||||
| Lease revenue | 2020 | 2019 | ||||||||||||
| Fixed | $ |
|
$ |
|
||||||||||
| Variable |
|
|
||||||||||||
| $ |
|
$ |
|
|||||||||||
| As of December 31, 2020 | ||||||||||||||
| Year Ending December 31, | Operating leases | Sales-type leases | ||||||||||||
| 2021 | $ |
|
$ |
|
||||||||||
| 2022 |
|
|
||||||||||||
| 2023 |
|
|
||||||||||||
| 2024 |
|
|
||||||||||||
| 2025 |
|
|
||||||||||||
| Thereafter |
|
|
||||||||||||
| Total contractual payments | $ |
|
|
|||||||||||
| Less: Amount representing interest |
(
|
|||||||||||||
| Net investment in sales-type leases | $ |
|
||||||||||||
| As of December 31, | ||||||||||||||||||||
| Leases | Balance Sheet Location | 2020 | 2019 | |||||||||||||||||
| Right-of-use assets | ||||||||||||||||||||
| Operating leases - Property | Property - operating right-of-use assets | $ |
|
$ |
|
|||||||||||||||
| Finance leases - Property | Property - finance right-of-use assets |
|
|
|||||||||||||||||
| Total right-of-use assets | $ |
|
$ |
|
||||||||||||||||
| As of December 31, | ||||||||||||||||||||
| Leases | Balance Sheet Location | 2020 | 2019 | |||||||||||||||||
| Lease liabilities | ||||||||||||||||||||
| Operating leases - Property | Property - operating lease liabilities | $ |
|
$ |
|
|||||||||||||||
| Finance leases - Property |
|
|
||||||||||||||||||
| Total lease liabilities | $ |
|
$ |
|
||||||||||||||||
| Weighted average remaining lease term | ||||||||
| Operating leases |
|
|||||||
| Finance leases |
<
|
|||||||
| Weighted average discount rate | ||||||||
| Operating leases |
|
% | ||||||
| Finance leases |
|
% | ||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| Lease cost | Statement of Operations Location | 2020 | 2019 | |||||||||||||||||
| Operating lease cost | ||||||||||||||||||||
| Property leases - fixed | Property operating expenses | $ |
|
$ |
|
|||||||||||||||
| Property leases - variable | Property operating expenses |
|
|
|||||||||||||||||
| Finance lease cost | ||||||||||||||||||||
| Amortization of property right-of-use assets | Property operating expenses |
|
|
|||||||||||||||||
| $ |
|
$ |
|
|||||||||||||||||
| For the Years Ended December 31, | ||||||||||||||
| Supplemental cash flow information | 2020 | 2019 | ||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
| Operating cash flows for operating leases | $ |
|
$ |
|
||||||||||
| Financing cash flows for financing leases | $ |
|
$ |
|
||||||||||
|
As of December 31, 2020
|
As of December 31, 2019
|
|||||||||||||||||||||||||||||||||||||
| Year Ending December 31, |
Operating
leases |
Finance
leases |
Total |
Operating
leases |
Finance
leases |
Total | ||||||||||||||||||||||||||||||||
| 2020 | N/A | N/A | N/A | $ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
| 2021 | $ |
|
$ |
|
$ |
|
|
|
|
|||||||||||||||||||||||||||||
| 2022 |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| 2023 |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| 2024 |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| 2025 |
|
|
|
N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Thereafter |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total lease payments |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Less: Amount representing interest |
(
|
|
(
|
(
|
|
(
|
||||||||||||||||||||||||||||||||
| Lease liability | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Nominal Ownership % |
December 31, 2020 (1)
|
|||||||||||||||||||||||||||||||||||||
| Date Acquired |
Total
Assets |
Encumbered Assets | Total Liabilities | |||||||||||||||||||||||||||||||||||
| Entity | Location | |||||||||||||||||||||||||||||||||||||
| LW Redstone Company, LLC | 3/23/2010 |
|
Huntsville, Alabama | $ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||
| Stevens Investors, LLC | 8/11/2015 |
|
Washington, D.C. |
|
|
|
||||||||||||||||||||||||||||||||
| M Square Associates, LLC | 6/26/2007 |
|
College Park, Maryland |
|
|
|
||||||||||||||||||||||||||||||||
| $ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||
| Date Acquired | Nominal Ownership % | Number of Properties | Carrying Value of Investment (1) | |||||||||||||||||||||||||||||
| Entity | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||
| B RE COPT DC JV II LLC (2) | 10/30/2020 |
|
|
$ |
|
$ |
|
|||||||||||||||||||||||||
| BREIT COPT DC JV LLC | 6/20/2019 |
|
|
|
|
|||||||||||||||||||||||||||
| GI-COPT DC Partnership LLC | 7/21/2016 |
|
N/A |
|
|
|||||||||||||||||||||||||||
|
|
$ |
|
$ |
|
||||||||||||||||||||||||||||
| December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization |
Net
Carrying Amount |
Gross Carrying Amount | Accumulated Amortization |
Net
Carrying Amount |
|||||||||||||||||||||||||||||||||
| In-place lease value | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Tenant relationship value |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Above-market leases |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Other |
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| December 31, | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Notes receivable from the City of Huntsville | $ |
|
$ |
|
||||||||||
| Other investing loans receivable |
|
|
||||||||||||
| Amortized cost basis |
|
|
||||||||||||
| Allowance for credit losses |
(
|
|
||||||||||||
|
Investing receivables, net
|
$ |
|
$ |
|
||||||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Lease incentives, net | $ |
|
$ |
|
|||||||
| Prepaid expenses |
|
|
|||||||||
| Furniture, fixtures and equipment, net |
|
|
|||||||||
| Construction contract costs in excess of billings, net |
|
|
|||||||||
| Net investment in sales-type leases |
|
|
|||||||||
| Non-real estate equity investments |
|
|
|||||||||
| Restricted cash |
|
|
|||||||||
| Deferred financing costs, net (1) |
|
|
|||||||||
| Deferred tax asset, net |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Total for COPLP and subsidiaries |
|
|
|||||||||
| Marketable securities in deferred compensation plan |
|
|
|||||||||
| Total for COPT and subsidiaries | $ |
|
$ |
|
|||||||
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Operating loss carry forward | $ |
|
$ |
|
|||||||
|
Property
|
|
(
|
|||||||||
|
Valuation allowance
|
(
|
(
|
|||||||||
| Deferred tax asset, net | $ |
|
$ |
|
|||||||
| Carrying Value (1) as of | December 31, 2020 | |||||||||||||||||||||||||
|
December 31,
2020 |
December 31, 2019 | |||||||||||||||||||||||||
| Stated Interest Rates | Scheduled Maturity | |||||||||||||||||||||||||
| Mortgage and Other Secured Debt: | ||||||||||||||||||||||||||
| Fixed rate mortgage debt (2) | $ |
|
$ |
|
|
2023-2026 | ||||||||||||||||||||
| Variable rate secured debt (4) |
|
|
LIBOR +
|
2022-2026 | ||||||||||||||||||||||
| Total mortgage and other secured debt |
|
|
||||||||||||||||||||||||
| Revolving Credit Facility |
|
|
LIBOR +
|
March 2023 (7) | ||||||||||||||||||||||
| Term Loan Facility |
|
|
LIBOR +
|
2022 | ||||||||||||||||||||||
| Unsecured Senior Notes (9) | ||||||||||||||||||||||||||
|
|
|
|
|
May 2023 | ||||||||||||||||||||||
|
|
|
|
|
February 2024 | ||||||||||||||||||||||
|
|
|
|
|
July 2025 | ||||||||||||||||||||||
|
|
|
|
|
March 2026 | ||||||||||||||||||||||
|
|
|
|
|
N/A (14) | ||||||||||||||||||||||
| Unsecured note payable |
|
|
|
May 2026 | ||||||||||||||||||||||
| Total debt, net | $ |
|
$ |
|
||||||||||||||||||||||
| Year Ending December 31, | December 31, 2020 | |||||||
| 2021 | $ |
|
||||||
| 2022 |
|
|||||||
| 2023 |
|
|||||||
| 2024 |
|
|||||||
| 2025 |
|
|||||||
| Thereafter |
|
|||||||
| Total | $ |
|
(1) | |||||
| December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||
|
Carrying
Amount |
Estimated
Fair Value |
Carrying
Amount |
Estimated
Fair Value |
||||||||||||||||||||
| Fixed-rate debt | |||||||||||||||||||||||
| Unsecured Senior Notes | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
| Other fixed-rate debt |
|
|
|
|
|||||||||||||||||||
| Variable-rate debt |
|
|
|
|
|||||||||||||||||||
| $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||
| Notional Amount | Effective Date | Expiration Date | Fair Value at December 31, | |||||||||||||||||||||||||||||||||||
| Fixed Rate | Floating Rate Index | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
| $ |
|
|
% | One-Month LIBOR | 9/1/2016 | 12/1/2022 | $ |
(
|
$ |
(
|
||||||||||||||||||||||||||||
|
|
|
% | One-Month LIBOR | 9/1/2016 | 12/1/2022 |
(
|
(
|
|||||||||||||||||||||||||||||||
|
|
|
% | One-Month LIBOR | 9/1/2016 | 12/1/2022 |
(
|
(
|
|||||||||||||||||||||||||||||||
|
|
(1) |
|
% | One-Month LIBOR | 8/1/2019 | 8/1/2026 |
(
|
(
|
||||||||||||||||||||||||||||||
|
|
(2) |
|
% | One-Month LIBOR | 4/1/2020 | 3/26/2025 |
(
|
|
||||||||||||||||||||||||||||||
|
|
(3) |
|
% | Three-Month LIBOR | 6/30/2020 | N/A |
|
(
|
||||||||||||||||||||||||||||||
|
|
(3) |
|
% | Three-Month LIBOR | 6/30/2020 | N/A |
|
(
|
||||||||||||||||||||||||||||||
|
|
(3) |
|
% | Three-Month LIBOR | 6/30/2020 | N/A |
|
(
|
||||||||||||||||||||||||||||||
|
|
|
% | One-Month LIBOR | 10/13/2015 | 10/1/2020 |
|
|
|||||||||||||||||||||||||||||||
| $ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||
| Fair Value at December 31, | ||||||||||||||||||||
| Derivatives | Balance Sheet Location | 2020 | 2019 | |||||||||||||||||
|
Interest rate swaps designated as cash flow hedges
|
Prepaid expenses and other assets, net | $ |
|
$ |
|
|||||||||||||||
|
Interest rate swaps designated as cash flow hedges
|
Interest rate derivatives (liabilities) | $ |
(
|
$ |
(
|
|||||||||||||||
| Amount of Loss Recognized in AOCL on Derivatives | Amount of (Loss) Gain Reclassified from AOCL into Interest Expense on Statement of Operations | |||||||||||||||||||||||||||||||||||||
| For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
| Derivatives in Hedging Relationships | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
| Interest rate derivatives | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Amount of Loss Reclassified from AOCL into Loss on Interest Rate Derivatives on Statement of Operations | Amount of Loss Recognized on Undesignated Swaps in Loss on Interest Rate Derivatives on Statement of Operations | |||||||||||||||||||||||||||||||||||||
| For the Years Ended December 31, | For the Years Ended December 31, | |||||||||||||||||||||||||||||||||||||
| Derivatives in Hedging Relationships | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
| Interest rate derivatives | $ |
(
|
$ |
|
|
$ |
(
|
$ |
|
|
||||||||||||||||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Beginning balance | $ |
|
$ |
|
$ |
|
||||||||||||||
| Contributions from noncontrolling interests |
|
|
|
|||||||||||||||||
| Distributions to noncontrolling interests |
(
|
(
|
(
|
|||||||||||||||||
| Net income attributable to noncontrolling interests |
|
|
|
|||||||||||||||||
| Adjustment to arrive at fair value of interests |
|
|
|
|||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| General, administrative and leasing expenses | $ |
|
$ |
|
$ |
|
||||||||||||||
| Property operating expenses |
|
|
|
|||||||||||||||||
| Capitalized to development activities |
|
|
|
|||||||||||||||||
| Share-based compensation cost | $ |
|
$ |
|
$ |
|
||||||||||||||
| Shares | Weighted Average Grant Date Fair Value | |||||||||||||
|
Unvested as of December 31, 2017
|
|
$ |
|
|||||||||||
| Granted |
|
|
||||||||||||
| Forfeited |
(
|
|
||||||||||||
| Vested |
(
|
|
||||||||||||
|
Unvested as of December 31, 2018
|
|
|
||||||||||||
| Granted |
|
|
||||||||||||
| Forfeited |
(
|
|
||||||||||||
| Vested |
(
|
|
||||||||||||
|
Unvested as of December 31, 2019
|
|
|
||||||||||||
| Granted |
|
|
||||||||||||
| Forfeited |
(
|
(1) |
|
|||||||||||
| Vested |
(
|
|
||||||||||||
|
Unvested as of December 31, 2020
|
|
$ |
|
|||||||||||
|
Unvested shares as of December 31, 2020 that are expected to vest
|
|
$ |
|
|||||||||||
| Number of TB-PIUs | Weighted Average Grant Date Fair Value | |||||||||||||
|
Unvested as of December 31, 2018
|
|
N/A | ||||||||||||
| Granted |
|
$ |
|
|||||||||||
|
Unvested as of December 31, 2019
|
|
|
||||||||||||
| Granted |
|
|
||||||||||||
| Forfeited |
(
|
(1) |
|
|||||||||||
| Vested |
(
|
|
||||||||||||
|
Unvested as of December 31, 2020
|
|
$ |
|
|||||||||||
|
Unvested TB-PIUs as of December 31, 2020 that are expected to vest
|
|
$ |
|
|||||||||||
| Grant Date | Number of PB-PIUs Granted | Performance Period Commencement Date | Performance Period End Date | Grant Date Fair Value |
Number of PB-PIUs Outstanding as of December 31, 2020 (1)
|
|||||||||||||||||||||||||||
| 1/1/2019 |
|
1/1/2019 | 12/31/2021 | $ |
|
|
||||||||||||||||||||||||||
| 1/1/2020 |
|
1/1/2020 | 12/31/2022 | $ |
|
|
||||||||||||||||||||||||||
| Percentile Rank | Earned Awards Payout % | |||||||
| 75th or greater |
|
|||||||
| 50th (target) |
|
|||||||
| 25th |
|
|||||||
| Below 25th |
|
|||||||
| Grant Date | Grant Date Fair Value Per PB-PIU | Baseline Common Share Value | Expected Volatility of Common Shares | Risk-free Interest Rate | ||||||||||||||||||||||
| 1/1/2019 | $ |
|
$ |
|
|
% |
|
% | ||||||||||||||||||
| 1/1/2020 | $ |
|
$ |
|
|
% |
|
% | ||||||||||||||||||
| Grant Date | Number of PSUs Granted | Performance Period Commencement Date | Performance Period End Date | Grant Date Fair Value |
Number of PSUs Outstanding as of December 31, 2020
|
||||||||||||||||||||||||||||||
| 3/1/2016 |
|
1/1/2016 | 12/31/2018 | $ |
|
|
|||||||||||||||||||||||||||||
| 1/1/2017 |
|
1/1/2017 | 12/31/2019 | $ |
|
|
|||||||||||||||||||||||||||||
| 1/1/2018 |
|
1/1/2018 | 12/31/2020 | $ |
|
|
(1) | ||||||||||||||||||||||||||||
| Percentile Rank | Earned PSUs Payout % | |||||||
| 75th or greater |
|
|||||||
| 50th (target) |
|
|||||||
| 25th |
|
|||||||
| Below 25th |
|
|||||||
| Year of Grant | Number of Deferred Share Awards Granted | Aggregate Grant Date Fair Value | Grant Date Fair Value Per Share | |||||||||||||||||
| 2018 |
|
$ |
|
$ |
|
|||||||||||||||
| 2019 |
|
$ |
|
$ |
|
|||||||||||||||
| 2020 |
|
$ |
|
$ |
|
|||||||||||||||
| Year of Settlement | Number of Common Shares Issued | Grant Date Fair Value Per Share | Aggregate Intrinsic Value | |||||||||||||||||
| 2018 |
|
$ |
|
$ |
|
|||||||||||||||
| 2019 |
|
$ |
|
$ |
|
|||||||||||||||
| 2020 |
|
N/A | N/A | |||||||||||||||||
| For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
| Investing Receivables |
Tenant Notes
Receivable (1) |
Other Assets (2) | Off-Balance Sheet Credit Exposures | Total | |||||||||||||||||||||||||
| December 31, 2019 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
|
Cumulative effect of change for adoption of credit loss guidance
|
|
|
|
|
|
||||||||||||||||||||||||
| Credit loss (recoveries) expense |
(
|
|
|
(
|
(
|
||||||||||||||||||||||||
| Other changes |
|
|
(
|
|
(
|
||||||||||||||||||||||||
| December 31, 2020 | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
| Origination Year | |||||||||||||||||||||||||||||||||||||||||
| 2015 and Earlier | 2016 | 2017 | 2018 | 2019 | 2020 | Total | |||||||||||||||||||||||||||||||||||
| Investing receivables: | |||||||||||||||||||||||||||||||||||||||||
|
Credit risk classification:
|
|||||||||||||||||||||||||||||||||||||||||
|
Investment grade
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
|
Non-investment grade
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Total
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Tenant notes receivable: | |||||||||||||||||||||||||||||||||||||||||
|
Credit risk classification:
|
|||||||||||||||||||||||||||||||||||||||||
|
Investment grade
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
|
Non-investment grade
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||
|
Total
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Sales-type lease receivable: | |||||||||||||||||||||||||||||||||||||||||
|
Credit risk classification:
|
|||||||||||||||||||||||||||||||||||||||||
|
Investment grade
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||
| Operating Property Segments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defense/Information Technology Locations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fort Meade/BW Corridor | Northern Virginia Defense/IT | Lackland Air Force Base | Navy Support Locations | Redstone Arsenal | Data Center Shells | Total Defense/IT Locations | Regional Office |
Operating
Wholesale Data Center |
Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Year Ended December 31, 2020
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from real estate operations | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
| Property operating expenses |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UJV NOI allocable to COPT |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOI from real estate operations | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
| Additions to long-lived assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Transfers from non-operating properties
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Segment assets at December 31, 2020
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Year Ended December 31, 2019
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from real estate operations | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
| Property operating expenses |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UJV NOI allocable to COPT |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOI from real estate operations | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
| Additions to long-lived assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Transfers from non-operating properties
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Segment assets at December 31, 2019
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Year Ended December 31, 2018
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from real estate operations | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
| Property operating expenses |
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
(
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UJV NOI allocable to COPT |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOI from real estate operations | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
| Additions to long-lived assets | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Transfers from non-operating properties
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
|
Segment assets at December 31, 2018
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Segment revenues from real estate operations | $ |
|
$ |
|
$ |
|
||||||||||||||
| Construction contract and other service revenues |
|
|
|
|||||||||||||||||
| Total revenues | $ |
|
$ |
|
$ |
|
||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
|
UJV NOI allocable to COPT
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Less: Income from UJV allocable to COPT attributable to depreciation and amortization expense and interest expense
|
(
|
(
|
(
|
|||||||||||||||||
| Add: Equity in (loss) income of unconsolidated non-real estate entities |
(
|
(
|
|
|||||||||||||||||
|
Equity in income of unconsolidated entities
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Construction contract and other service revenues | $ |
|
$ |
|
$ |
|
||||||||||||||
| Construction contract and other service expenses |
(
|
(
|
(
|
|||||||||||||||||
| NOI from service operations | $ |
|
$ |
|
$ |
|
||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| NOI from real estate operations | $ |
|
$ |
|
$ |
|
||||||||||||||
| NOI from service operations |
|
|
|
|||||||||||||||||
| Interest and other income |
|
|
|
|||||||||||||||||
| Credit loss recoveries |
|
|
|
|||||||||||||||||
| Gain on sales of real estate |
|
|
|
|||||||||||||||||
| Gain on sale of investment in unconsolidated real estate joint venture |
|
|
|
|||||||||||||||||
| Equity in income of unconsolidated entities |
|
|
|
|||||||||||||||||
| Income tax (expense) benefit |
(
|
|
|
|||||||||||||||||
| Depreciation and other amortization associated with real estate operations |
(
|
(
|
(
|
|||||||||||||||||
| Impairment losses |
(
|
(
|
(
|
|||||||||||||||||
| General, administrative and leasing expenses |
(
|
(
|
(
|
|||||||||||||||||
| Business development expenses and land carry costs |
(
|
(
|
(
|
|||||||||||||||||
| Interest expense |
(
|
(
|
(
|
|||||||||||||||||
| UJV NOI allocable to COPT included in equity in income of unconsolidated entities |
(
|
(
|
(
|
|||||||||||||||||
| Loss on early extinguishment of debt |
(
|
|
(
|
|||||||||||||||||
| Loss on interest rate derivatives |
(
|
|
|
|||||||||||||||||
| Net income | $ |
|
$ |
|
$ |
|
||||||||||||||
| As of December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Segment assets | $ |
|
$ |
|
|||||||
| Operating properties lease liabilities included in segment assets |
|
|
|||||||||
| Non-operating property assets |
|
|
|||||||||
| Other assets |
|
|
|||||||||
| Total COPT consolidated assets | $ |
|
$ |
|
|||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Construction contract revenue: | |||||||||||||||||
| GMP | $ |
|
$ |
|
$ |
|
|||||||||||
| Cost-plus fee |
|
|
|
||||||||||||||
| FFP |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| For the Years Ended December 31, | |||||||||||||||||
| 2020 | 2019 | 2018 | |||||||||||||||
| Construction contract revenue: | |||||||||||||||||
| Construction | $ |
|
$ |
|
$ |
|
|||||||||||
| Design |
|
|
|
||||||||||||||
| Other |
|
|
|
||||||||||||||
| $ |
|
$ |
|
$ |
|
||||||||||||
| For the Years Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Beginning balance | $ |
|
$ |
|
|||||||
| Ending balance | $ |
|
$ |
|
|||||||
| For the Years Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Beginning balance | $ |
|
$ |
|
|||||||
| Ending balance | $ |
|
$ |
|
|||||||
| For the Years Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Beginning balance | $ |
|
$ |
|
|||||||
| Ending balance | $ |
|
$ |
|
|||||||
| Portion of beginning balance recognized in revenue during the year | $ |
|
$ |
|
|||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net income attributable to COPT | $ |
|
$ |
|
$ |
|
||||||||||||||
|
Income attributable to share-based compensation awards
|
(
|
(
|
(
|
|||||||||||||||||
|
Numerator for basic EPS on net income attributable to COPT common shareholders
|
$ |
|
$ |
|
$ |
|
||||||||||||||
|
Redeemable noncontrolling interests
|
|
|
|
|||||||||||||||||
|
Income attributable to share-based compensation awards
|
|
|
|
|||||||||||||||||
|
Numerator for diluted EPS on net income attributable to COPT common shareholders
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| Denominator (all weighted averages): | ||||||||||||||||||||
| Denominator for basic EPS (common shares) |
|
|
|
|||||||||||||||||
|
Dilutive effect of redeemable noncontrolling interests
|
|
|
|
|||||||||||||||||
|
Dilutive effect of share-based compensation awards
|
|
|
|
|||||||||||||||||
|
Dilutive effect of forward equity sale agreements
|
|
|
|
|||||||||||||||||
| Denominator for diluted EPS (common shares) |
|
|
|
|||||||||||||||||
| Basic EPS | $ |
|
$ |
|
$ |
|
||||||||||||||
| Diluted EPS | $ |
|
$ |
|
$ |
|
||||||||||||||
| Weighted Average Shares Excluded from Denominator for the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Conversion of common units |
|
|
|
|||||||||||||||||
|
Conversion of redeemable noncontrolling interests
|
|
|
|
|||||||||||||||||
| Conversion of Series I Preferred Units |
|
|
|
|||||||||||||||||
| For the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
| Numerator: | ||||||||||||||||||||
| Net income attributable to COPLP | $ |
|
$ |
|
$ |
|
||||||||||||||
| Preferred unit distributions |
(
|
(
|
(
|
|||||||||||||||||
|
Income attributable to share-based compensation awards
|
(
|
(
|
(
|
|||||||||||||||||
|
Numerator for basic EPU on net income attributable to COPLP common unitholders
|
|
|
|
|||||||||||||||||
|
Redeemable noncontrolling interests
|
|
|
|
|||||||||||||||||
|
Income attributable to share-based compensation awards
|
|
|
|
|||||||||||||||||
|
Numerator for diluted EPU on net income attributable to COPLP common unitholders
|
$ |
|
$ |
|
$ |
|
||||||||||||||
| Denominator (all weighted averages): | ||||||||||||||||||||
| Denominator for basic EPU (common units) |
|
|
|
|||||||||||||||||
| Dilutive effect of redeemable noncontrolling interests |
|
|
|
|||||||||||||||||
| Dilutive effect of share-based compensation awards |
|
|
|
|||||||||||||||||
| Dilutive effect of forward equity sale agreements |
|
|
|
|||||||||||||||||
| Denominator for diluted EPU (common units) |
|
|
|
|||||||||||||||||
| Basic EPU | $ |
|
$ |
|
$ |
|
||||||||||||||
| Diluted EPU | $ |
|
$ |
|
$ |
|
||||||||||||||
| Weighted Average Units Excluded from Denominator for the Years Ended December 31, | ||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||
|
Conversion of redeemable noncontrolling interests
|
|
|
|
|||||||||||||||||
| Conversion of Series I Preferred Units |
|
|
|
|||||||||||||||||
| Initial Cost |
Gross Amounts Carried
At Close of Period |
||||||||||||||||||||||||||||||||||
| Property (Type) (1) | Location | Encumbrances (2) | Land |
Building
and Land Improvements |
Costs Capitalized Subsequent to Acquisition | Land |
Building
and Land Improvements |
Total
(3) |
Accumulated Depreciation (4) | Year Built or Renovated | Date Acquired (5) | ||||||||||||||||||||||||
| 100 Light Street (O) | Baltimore, MD | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
1973/2011 | 8/7/2015 | ||||||||||||||||
| 100 Secured Gateway (O) | Huntsville, AL | — | — |
|
— | — |
|
|
(
|
2020 | 3/23/2010 | ||||||||||||||||||||||||
| 1000 Redstone Gateway (O) | Huntsville, AL |
|
— |
|
|
— |
|
|
(
|
2013 | 3/23/2010 | ||||||||||||||||||||||||
| 1100 Redstone Gateway (O) | Huntsville, AL |
|
— |
|
|
— |
|
|
(
|
2014 | 3/23/2010 | ||||||||||||||||||||||||
| 114 National Business Parkway (O) | Annapolis Junction, MD | — |
|
|
|
|
|
|
(
|
2002 | 6/30/2000 | ||||||||||||||||||||||||
| 1200 Redstone Gateway (O) | Huntsville, AL |
|
— |
|
60 | — |
|
|
(
|
2013 | 3/23/2010 | ||||||||||||||||||||||||
| 1201 M Street SE (O) | Washington, DC | — | — |
|
|
— |
|
|
(
|
2001 | 9/28/2010 | ||||||||||||||||||||||||
| 1201 Winterson Road (O) | Linthicum, MD | — |
|
|
|
|
|
|
(
|
1985/2017 | 4/30/1998 | ||||||||||||||||||||||||
| 1220 12th Street SE (O) | Washington, DC | — | — |
|
|
— |
|
|
(
|
2003 | 9/28/2010 | ||||||||||||||||||||||||
| 1243 Winterson Road (L) | Linthicum, MD | — |
|
— | — |
|
— |
|
— | (6) | 12/19/2001 | ||||||||||||||||||||||||
| 131 National Business Parkway (O) | Annapolis Junction, MD | — |
|
|
|
|
|
|
(
|
1990 | 9/28/1998 | ||||||||||||||||||||||||
| 132 National Business Parkway (O) | Annapolis Junction, MD | — |
|
|
|
|
|
|
(
|
2000 | 5/28/1999 | ||||||||||||||||||||||||
| 133 National Business Parkway (O) | Annapolis Junction, MD | — |
|
|
|
|
|
|
(
|
1997 | 9/28/1998 | ||||||||||||||||||||||||
| 134 National Business Parkway (O) | Annapolis Junction, MD | — |
|
|
|
|
|
|
(
|
1999 | 11/13/1998 | ||||||||||||||||||||||||
| 1340 Ashton Road (O) | Hanover, MD | — |
|
|
|
|
|
|
(
|
1989 | 4/28/1999 | ||||||||||||||||||||||||
| 13450 Sunrise Valley Drive (O) | Herndon, VA | — |
|
|
|
|
|
|
(
|
1998 | 7/25/2003 | ||||||||||||||||||||||||
| 13454 Sunrise Valley Drive (O) | Herndon, VA | — |
|
|
|
|
|
|
(
|
1998 | 7/25/2003 | ||||||||||||||||||||||||
| 135 National Business Parkway (O) | Annapolis Junction, MD | — |
|
|
|
|
|
|
(
|
1998 | 12/30/1998 | ||||||||||||||||||||||||
| 1362 Mellon Road (O) | Hanover, MD | — |
|
|
|
|
|
|
(
|
2006 | 2/10/2006 | ||||||||||||||||||||||||
| 13857 McLearen Road (O) | Herndon, VA | — |
|
|
|
|
|
|
(
|
2007 | 7/11/2012 | ||||||||||||||||||||||||
| 140 National Business Parkway (O) | Annapolis Junction, MD | — |
|
|
|
|
|
|
(
|
2003 | 12/31/2003 | ||||||||||||||||||||||||
| 141 National Business Parkway (O) | Annapolis Junction, MD | — |
|
|
|
|
|
|
(
|
1990 | 9/28/1998 | ||||||||||||||||||||||||
| 14280 Park Meadow Drive (O) | Chantilly, VA | — |
|
|
|
|
|
|
(
|
1999 | 9/29/2004 | ||||||||||||||||||||||||
| 1460 Dorsey Road (L) | Hanover, MD | — |
|
|
— |
|
|
|
— | (6) | 2/28/2006 | ||||||||||||||||||||||||
| 14840 Conference Center Drive (O) | Chantilly, VA | — |
|
|
|
|
|
|
(
|
2000 | 7/25/2003 | ||||||||||||||||||||||||
| 14850 Conference Center Drive (O) | Chantilly, VA | — |
|
|
|
|
|
|
(
|
2000 | 7/25/2003 | ||||||||||||||||||||||||
| 14900 Conference Center Drive (O) | Chantilly, VA | — |
|
|
|
|
|
|
(
|
1999 | 7/25/2003 | ||||||||||||||||||||||||
| 1501 South Clinton Street (O) | Baltimore, MD | — |
|
|
|
|
|
|
(
|
2006 | 10/27/2009 | ||||||||||||||||||||||||
| 15049 Conference Center Drive (O) | Chantilly, VA | — |
|
|
|
|
|
|
(
|
1997 | 8/14/2002 | ||||||||||||||||||||||||
| 15059 Conference Center Drive (O) | Chantilly, VA | — |
|
|
|
|
|
|
(
|
2000 | 8/14/2002 | ||||||||||||||||||||||||
| 1550 West Nursery Road (O) | Linthicum, MD | — |
|
|
— |
|
|
|
(
|
2009 | 10/28/2009 | ||||||||||||||||||||||||
| 1560 West Nursery Road (O) | Linthicum, MD | — |
|
|
— |
|
|
|
(
|
2014 | 10/28/2009 | ||||||||||||||||||||||||
| 1610 West Nursery Road (O) | Linthicum, MD | — |
|
|
— |
|
|
|
(
|
2016 | 4/30/1998 | ||||||||||||||||||||||||
| 1616 West Nursery Road (O) | Linthicum, MD | — |
|
|
|
|
|
|
(
|
2017 | 4/30/1998 | ||||||||||||||||||||||||
| 1622 West Nursery Road (O) | Linthicum, MD | — |
|
|
— |
|
|
|
(
|
2016 | 4/30/1998 | ||||||||||||||||||||||||
| 16442 Commerce Drive (O) | Dahlgren, VA | — |
|
|
|
|
|
|
(
|
2002 | 12/21/2004 | ||||||||||||||||||||||||
| Initial Cost |
Gross Amounts Carried
At Close of Period |
||||||||||||||||||||||||||||||||||
| Property (Type) (1) | Location | Encumbrances (2) | Land |
Building
and Land Improvements |
Costs Capitalized Subsequent to Acquisition | Land |
Building
and Land Improvements |
Total
(3) |
Accumulated Depreciation (4) | Year Built or Renovated | Date Acquired (5) | ||||||||||||||||||||||||
| 16480 Commerce Drive (O) | Dahlgren, VA | — |
|
|
|
|
|
|
(
|
2000 | 12/28/2004 | ||||||||||||||||||||||||
| 16501 Commerce Drive (O) | Dahlgren, VA | — |
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(
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2002 | 12/21/2004 | ||||||||||||||||||||||||
| 16539 Commerce Drive (O) | Dahlgren, VA | — |
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(
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1990 | 12/21/2004 | ||||||||||||||||||||||||
| 16541 Commerce Drive (O) | Dahlgren, VA | — |
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(
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1996 | 12/21/2004 | ||||||||||||||||||||||||
| 16543 Commerce Drive (O) | Dahlgren, VA | — |
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(
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2002 | 12/21/2004 | ||||||||||||||||||||||||
| 1751 Pinnacle Drive (O) | McLean, VA | — |
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(
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1989/1995 | 9/23/2004 | ||||||||||||||||||||||||
| 1753 Pinnacle Drive (O) | McLean, VA | — |
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(
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1976/2004 | 9/23/2004 | ||||||||||||||||||||||||
| 206 Research Boulevard (O) | Aberdeen, MD | — |
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(
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2012 | 9/14/2007 | ||||||||||||||||||||||||
| 209 Research Boulevard (O) | Aberdeen, MD | — |
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(
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2010 | 9/14/2007 | ||||||||||||||||||||||||
| 210 Research Boulevard (O) | Aberdeen, MD | — |
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(
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2010 | 9/14/2007 | ||||||||||||||||||||||||
| 2100 L Street (O) | Washington, DC |
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— |
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— | 2020 (7) | 8/11/2015 | ||||||||||||||||||||||||
| 2100 Rideout Road (O) | Huntsville, AL | — |
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(
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2016 | 3/23/2010 | ||||||||||||||||||||||||
| 22289 Exploration Drive (O) | Lexington Park, MD | — |
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(
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2000 | 3/24/2004 | ||||||||||||||||||||||||
| 22299 Exploration Drive (O) | Lexington Park, MD | — |
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(
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1998 | 3/24/2004 | ||||||||||||||||||||||||
| 22300 Exploration Drive (O) | Lexington Park, MD | — |
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(
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1997 | 11/9/2004 | ||||||||||||||||||||||||
| 22309 Exploration Drive (O) | Lexington Park, MD | — |
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(
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1984/1997 | 3/24/2004 | ||||||||||||||||||||||||
| 23535 Cottonwood Parkway (O) | California, MD | — |
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(
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1984 | 3/24/2004 | ||||||||||||||||||||||||
| 250 W Pratt St (O) | Baltimore, MD | — |
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(
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1985 | 3/19/2015 | ||||||||||||||||||||||||
| 2500 Riva Road (O) | Annapolis, MD | — |
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(
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2000 | 3/4/2003 | ||||||||||||||||||||||||
| 2600 Park Tower Drive (O) | Vienna, VA | — |
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(
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1999 | 4/15/2015 | ||||||||||||||||||||||||
| 2691 Technology Drive (O) | Annapolis Junction, MD | — |
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(
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2005 | 5/26/2000 | ||||||||||||||||||||||||
| 2701 Technology Drive (O) | Annapolis Junction, MD | — |
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(
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2001 | 5/26/2000 | ||||||||||||||||||||||||
| 2711 Technology Drive (O) | Annapolis Junction, MD | — |
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(
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2002 | 11/13/2000 | ||||||||||||||||||||||||
| 2720 Technology Drive (O) | Annapolis Junction, MD | — |
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(
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2004 | 1/31/2002 | ||||||||||||||||||||||||
| 2721 Technology Drive (O) | Annapolis Junction, MD | — |
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(
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2000 | 10/21/1999 | ||||||||||||||||||||||||
| 2730 Hercules Road (O) | Annapolis Junction, MD | — |
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(
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1990 | 9/28/1998 | ||||||||||||||||||||||||
| 30 Light Street (O) | Baltimore, MD |
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(
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2009 | 8/7/2015 | ||||||||||||||||||||||||
| 300 Sentinel Drive (O) | Annapolis Junction, MD | — |
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(
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2009 | 11/14/2003 | ||||||||||||||||||||||||
| 302 Sentinel Drive (O) | Annapolis Junction, MD | — |
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(
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2007 | 11/14/2003 | ||||||||||||||||||||||||
| 304 Sentinel Drive (O) | Annapolis Junction, MD | — |
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(
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2005 | 11/14/2003 | ||||||||||||||||||||||||
| 306 Sentinel Drive (O) | Annapolis Junction, MD | — |
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(
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2006 | 11/14/2003 | ||||||||||||||||||||||||
| 308 Sentinel Drive (O) | Annapolis Junction, MD | — |
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(
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2010 | 11/14/2003 | ||||||||||||||||||||||||
| 310 Sentinel Way (O) | Annapolis Junction, MD | — |
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— |
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(
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2016 | 11/14/2003 | ||||||||||||||||||||||||
| 310 The Bridge Street (O) | Huntsville, AL | — |
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(
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2009 | 8/9/2011 | ||||||||||||||||||||||||
| 312 Sentinel Way (O) | Annapolis Junction, MD | — |
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— |
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(
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2014 | 11/14/2003 | ||||||||||||||||||||||||
| 314 Sentinel Way (O) | Annapolis Junction, MD | — |
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— |
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(
|
2008 | 11/14/2003 | ||||||||||||||||||||||||
| Initial Cost |
Gross Amounts Carried
At Close of Period |
||||||||||||||||||||||||||||||||||
| Property (Type) (1) | Location | Encumbrances (2) | Land |
Building
and Land Improvements |
Costs Capitalized Subsequent to Acquisition | Land |
Building
and Land Improvements |
Total
(3) |
Accumulated Depreciation (4) | Year Built or Renovated | Date Acquired (5) | ||||||||||||||||||||||||
| 316 Sentinel Way (O) | Annapolis Junction, MD | — |
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(
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2011 | 11/14/2003 | ||||||||||||||||||||||||
| 318 Sentinel Way (O) | Annapolis Junction, MD | — |
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(
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2005 | 11/14/2003 | ||||||||||||||||||||||||
| 320 Sentinel Way (O) | Annapolis Junction, MD | — |
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(
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2007 | 11/14/2003 | ||||||||||||||||||||||||
| 322 Sentinel Way (O) | Annapolis Junction, MD | — |
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(
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2006 | 11/14/2003 | ||||||||||||||||||||||||
| 324 Sentinel Way (O) | Annapolis Junction, MD | — |
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(
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2010 | 6/29/2006 | ||||||||||||||||||||||||
| 4000 Market Street (O) | Huntsville, AL |
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— |
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— | — |
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(
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2018 | 3/23/2010 | ||||||||||||||||||||||||
| 410 National Business Parkway (O) | Annapolis Junction, MD | — |
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(
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2012 | 6/29/2006 | ||||||||||||||||||||||||
| 4100 Market Street (O) | Huntsville, AL |
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— |
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— | — |
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(
|
2019 | 3/23/2010 | ||||||||||||||||||||||||
| 420 National Business Parkway (O) | Annapolis Junction, MD | — |
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(
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2013 | 6/29/2006 | ||||||||||||||||||||||||
| 430 National Business Parkway (O) | Annapolis Junction, MD | — |
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(
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2011 | 6/29/2006 | ||||||||||||||||||||||||
| 44408 Pecan Court (O) | California, MD | — |
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(
|
1986 | 3/24/2004 | ||||||||||||||||||||||||
| 44414 Pecan Court (O) | California, MD | — |
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(
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1986 | 3/24/2004 | ||||||||||||||||||||||||
| 44417 Pecan Court (O) | California, MD | — |
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(
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1989/2015 | 3/24/2004 | ||||||||||||||||||||||||
| 44420 Pecan Court (O) | California, MD | — |
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(
|
1989 | 11/9/2004 | ||||||||||||||||||||||||
| 44425 Pecan Court (O) | California, MD | — |
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(
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1997 | 5/5/2004 | ||||||||||||||||||||||||
| 45310 Abell House Lane (O) | California, MD | — |
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(
|
2011 | 8/30/2010 | ||||||||||||||||||||||||
| 4600 River Road (O) | College Park, MD | — |
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— | — |
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(
|
2020 (7) | 1/29/2008 | ||||||||||||||||||||||||
| 46579 Expedition Drive (O) | Lexington Park, MD | — |
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(
|
2002 | 3/24/2004 | ||||||||||||||||||||||||
| 46591 Expedition Drive (O) | Lexington Park, MD | — |
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(
|
2005 | 3/24/2004 | ||||||||||||||||||||||||
| 4851 Stonecroft Boulevard (O) | Chantilly, VA | — |
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(
|
2004 | 8/14/2002 | ||||||||||||||||||||||||
| 540 National Business Parkway (O) | Annapolis Junction, MD | — |
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(
|
2017 | 6/29/2006 | ||||||||||||||||||||||||
| 5520 Research Park Drive (O) | Catonsville, MD | — | — |
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— |
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(
|
2009 | 4/4/2006 | ||||||||||||||||||||||||
| 5522 Research Park Drive (O) | Catonsville, MD | — | — |
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— |
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(
|
2007 | 3/8/2006 | ||||||||||||||||||||||||
| 5801 University Research Court (O) | College Park, MD |
|
— |
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— | — |
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(
|
2018 | 1/29/2008 | ||||||||||||||||||||||||
| 5825 University Research Court (O) | College Park, MD |
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— |
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— |
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(
|
2008 | 1/29/2008 | ||||||||||||||||||||||||
| 5850 University Research Court (O) | College Park, MD |
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— |
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— |
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(
|
2008 | 1/29/2008 | ||||||||||||||||||||||||
| 6000 Redstone Gateway (O) | Huntsville, AL | — | — |
|
— | — |
|
|
(
|
2020 (7) | 3/23/2010 | ||||||||||||||||||||||||
| 610 Guardian Way (O) | Annapolis Junction, MD | — |
|
|
— |
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|
— | (7) | 6/29/2006 | ||||||||||||||||||||||||
| 6700 Alexander Bell Drive (O) | Columbia, MD | — |
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(
|
1988 | 5/14/2001 | ||||||||||||||||||||||||
| 6708 Alexander Bell Drive (O) | Columbia, MD | — |
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(
|
1988/2016 | 5/14/2001 | ||||||||||||||||||||||||
| 6711 Columbia Gateway Drive (O) | Columbia, MD | — |
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(
|
2006-2007 | 9/28/2000 | ||||||||||||||||||||||||
| 6716 Alexander Bell Drive (O) | Columbia, MD | — |
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(
|
1990 | 12/31/1998 | ||||||||||||||||||||||||
| 6721 Columbia Gateway Drive (O) | Columbia, MD | — |
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(
|
2009 | 9/28/2000 | ||||||||||||||||||||||||
| 6724 Alexander Bell Drive (O) | Columbia, MD | — |
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(
|
2001 | 5/14/2001 | ||||||||||||||||||||||||
| 6731 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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(
|
2002 | 3/29/2000 | ||||||||||||||||||||||||
| 6740 Alexander Bell Drive (O) | Columbia, MD | — |
|
|
|
|
|
|
(
|
1992 | 12/31/1998 | ||||||||||||||||||||||||
| Initial Cost |
Gross Amounts Carried
At Close of Period |
||||||||||||||||||||||||||||||||||
| Property (Type) (1) | Location | Encumbrances (2) | Land |
Building
and Land Improvements |
Costs Capitalized Subsequent to Acquisition | Land |
Building
and Land Improvements |
Total
(3) |
Accumulated Depreciation (4) | Year Built or Renovated | Date Acquired (5) | ||||||||||||||||||||||||
| 6741 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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|
(
|
2008 | 9/28/2000 | ||||||||||||||||||||||||
| 6750 Alexander Bell Drive (O) | Columbia, MD | — |
|
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(
|
2001 | 12/31/1998 | ||||||||||||||||||||||||
| 6760 Alexander Bell Drive (O) | Columbia, MD | — |
|
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(
|
1991 | 12/31/1998 | ||||||||||||||||||||||||
| 6940 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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(
|
1999 | 11/13/1998 | ||||||||||||||||||||||||
| 6950 Columbia Gateway Drive (O) | Columbia, MD | — |
|
|
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|
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|
(
|
1998/2019 | 10/22/1998 | ||||||||||||||||||||||||
| 7000 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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|
(
|
1999 | 5/31/2002 | ||||||||||||||||||||||||
| 7005 Columbia Gateway Drive (L) | Columbia, MD | — |
|
|
— |
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|
|
— | (6) | 6/26/2014 | ||||||||||||||||||||||||
| 7015 Albert Einstein Drive (O) | Columbia, MD | — |
|
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(
|
1999 | 12/1/2005 | ||||||||||||||||||||||||
| 7061 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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(
|
2000 | 8/30/2001 | ||||||||||||||||||||||||
| 7063 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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|
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|
(
|
2000 | 8/30/2001 | ||||||||||||||||||||||||
| 7065 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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(
|
2000 | 8/30/2001 | ||||||||||||||||||||||||
| 7067 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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|
(
|
2001 | 8/30/2001 | ||||||||||||||||||||||||
| 7100 Redstone Gateway (O) | Huntsville, AL | — | — |
|
— | — |
|
|
— | (7) | 3/23/2010 | ||||||||||||||||||||||||
| 7125 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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|
(
|
1973/1999 | 6/29/2006 | ||||||||||||||||||||||||
| 7130 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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|
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|
(
|
1989 | 9/19/2005 | ||||||||||||||||||||||||
| 7134 Columbia Gateway Drive (O) | Columbia, MD | — |
|
|
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|
|
(
|
1990/2016 | 9/19/2005 | ||||||||||||||||||||||||
| 7138 Columbia Gateway Drive (O) | Columbia, MD | — |
|
|
|
|
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|
(
|
1990 | 9/19/2005 | ||||||||||||||||||||||||
| 7142 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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|
(
|
1994/2018 | 9/19/2005 | ||||||||||||||||||||||||
| 7150 Columbia Gateway Drive (O) | Columbia, MD | — |
|
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(
|
1991 | 9/19/2005 | ||||||||||||||||||||||||
| 7150 Riverwood Drive (O) | Columbia, MD | — |
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(
|
2000 | 1/10/2007 | ||||||||||||||||||||||||
| 7160 Riverwood Drive (O) | Columbia, MD | — |
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(
|
2000 | 1/10/2007 | ||||||||||||||||||||||||
| 7170 Riverwood Drive (O) | Columbia, MD | — |
|
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|
(
|
2000 | 1/10/2007 | ||||||||||||||||||||||||
| 7175 Riverwood Drive (O) | Columbia, MD | — |
|
|
— |
|
|
|
(
|
1996/2013 | 7/27/2005 | ||||||||||||||||||||||||
| 7200 Redstone Gateway (O) | Huntsville, AL | — | — |
|
|
— |
|
|
(
|
2013 | 3/23/2010 | ||||||||||||||||||||||||
| 7200 Riverwood Drive (O) | Columbia, MD | — |
|
|
|
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|
|
(
|
1986 | 10/13/1998 | ||||||||||||||||||||||||
| 7205 Riverwood Drive (O) | Columbia, MD | — |
|
|
— |
|
|
|
(
|
2013 | 7/27/2005 | ||||||||||||||||||||||||
| 7272 Park Circle Drive (O) | Hanover, MD | — |
|
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|
|
|
(
|
1991/1996 | 1/10/2007 | ||||||||||||||||||||||||
| 7318 Parkway Drive (O) | Hanover, MD | — |
|
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|
|
|
|
(
|
1984 | 4/16/1999 | ||||||||||||||||||||||||
| 7400 Redstone Gateway (O) | Huntsville, AL | — | — |
|
|
— |
|
|
(
|
2015 | 3/23/2010 | ||||||||||||||||||||||||
| 7467 Ridge Road (O) | Hanover, MD | — |
|
|
|
|
|
|
(
|
1990 | 4/28/1999 | ||||||||||||||||||||||||
| 7500 Advanced Gateway (O) | Huntsville, AL | — | — |
|
— | — |
|
|
(
|
2020 | 3/23/2010 | ||||||||||||||||||||||||
| 7600 Advanced Gateway (O) | Huntsville, AL | — | — |
|
— | — |
|
|
(
|
2020 | 3/23/2010 | ||||||||||||||||||||||||
| 7740 Milestone Parkway (O) | Hanover, MD |
|
|
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|
(
|
2009 | 7/2/2007 | ||||||||||||||||||||||||
| 7770 Backlick Road (O) | Springfield, VA | — |
|
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|
|
(
|
2012 | 3/10/2010 | ||||||||||||||||||||||||
| 7880 Milestone Parkway (O) | Hanover, MD | — |
|
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|
|
|
|
(
|
2015 | 9/17/2013 | ||||||||||||||||||||||||
| 8000 Rideout Road (O) | Huntsville, AL | — | — |
|
— | — |
|
|
— | (7) | 3/23/2010 | ||||||||||||||||||||||||
| Initial Cost |
Gross Amounts Carried
At Close of Period |
||||||||||||||||||||||||||||||||||
| Property (Type) (1) | Location | Encumbrances (2) | Land |
Building
and Land Improvements |
Costs Capitalized Subsequent to Acquisition | Land |
Building
and Land Improvements |
Total
(3) |
Accumulated Depreciation (4) | Year Built or Renovated | Date Acquired (5) | ||||||||||||||||||||||||
| 8600 Advanced Gateway (O) | Huntsville, AL | — | — |
|
— | — |
|
|
(
|
2020 | 3/23/2010 | ||||||||||||||||||||||||
| 8621 Robert Fulton Drive (O) | Columbia, MD | — |
|
|
|
|
|
|
(
|
2005-2006 | 6/10/2005 | ||||||||||||||||||||||||
| 8661 Robert Fulton Drive (O) | Columbia, MD | — |
|
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|
|
|
|
(
|
2002 | 12/30/2003 | ||||||||||||||||||||||||
| 8671 Robert Fulton Drive (O) | Columbia, MD | — |
|
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|
|
|
(
|
2002 | 12/30/2003 | ||||||||||||||||||||||||
| 870 Elkridge Landing Road (O) | Linthicum, MD | — |
|
|
|
|
|
|
(
|
1981 | 8/3/2001 | ||||||||||||||||||||||||
| 8800 Redstone Gateway (O) | Huntsville, AL |
|
— |
|
— | — |
|
|
(
|
2019 | 3/23/2010 | ||||||||||||||||||||||||
| 891 Elkridge Landing Road (O) | Linthicum, MD | — |
|
|
|
|
|
|
(
|
1984 | 7/2/2001 | ||||||||||||||||||||||||
| 901 Elkridge Landing Road (O) | Linthicum, MD | — |
|
|
|
|
|
|
(
|
1984 | 7/2/2001 | ||||||||||||||||||||||||
| 911 Elkridge Landing Road (O) | Linthicum, MD | — |
|
|
|
|
|
|
(
|
1985 | 4/30/1998 | ||||||||||||||||||||||||
| 938 Elkridge Landing Road (O) | Linthicum, MD | — |
|
|
|
|
|
|
(
|
1984 | 7/2/2001 | ||||||||||||||||||||||||
| 939 Elkridge Landing Road (O) | Linthicum, MD | — |
|
|
|
|
|
|
(
|
1983 | 4/30/1998 | ||||||||||||||||||||||||
| 9651 Hornbaker Road (D) | Manassas, VA | — |
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(
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2010 | 9/14/2010 | ||||||||||||||||||||||||
| Arundel Preserve (L) | Hanover, MD | — |
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— |
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— | (6) | 7/2/2007 | ||||||||||||||||||||||||
| Canton Crossing Land (L) | Baltimore, MD | — |
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— | (6) | 10/27/2009 | ||||||||||||||||||||||||
| Canton Crossing Util Distr Ctr (O) | Baltimore, MD | — |
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(
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2006 | 10/27/2009 | ||||||||||||||||||||||||
| Columbia Gateway - Southridge (L) | Columbia, MD | — |
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— |
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— | (6) | 9/20/2004 | ||||||||||||||||||||||||
| Dahlgren Technology Center (L) | Dahlgren, VA | — |
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— |
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— | (6) | 3/16/2005 | ||||||||||||||||||||||||
| Expedition VII (O) | Lexington Park, MD | — |
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— |
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— | (7) | 3/24/2004 | ||||||||||||||||||||||||
| IN 1 (O) | Northern Virginia | — |
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— |
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(
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2019 | 8/31/2016 | ||||||||||||||||||||||||
| IN 2 (O) | Northern Virginia | — |
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— |
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(
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2019 | 8/31/2016 | ||||||||||||||||||||||||
| M Square Research Park (L) | College Park, MD | — | — |
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— | — |
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— | (6) | 1/29/2008 | ||||||||||||||||||||||||
| MP 1 (O) | Northern Virginia | — |
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— |
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(
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2019 | 11/20/2017 | ||||||||||||||||||||||||
| MP 2 (O) | Northern Virginia | — |
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— |
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(
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2018 | 11/20/2017 | ||||||||||||||||||||||||
| MR Land (L) | Northern Virginia | — |
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— |
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— | (6) | 11/8/2018 | ||||||||||||||||||||||||
| National Business Park North (L) | Annapolis Junction, MD | — |
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— |
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— | (6) | 6/29/2006 | ||||||||||||||||||||||||
| North Gate Business Park (L) | Aberdeen, MD | — |
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— |
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— | (6) | 9/14/2007 | ||||||||||||||||||||||||
| NoVA Office A (O) (8) | Chantilly, VA | — |
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(
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2015 | 7/18/2002 | ||||||||||||||||||||||||
| NoVA Office B (O) (8) | Chantilly, VA | — |
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— |
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(
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2016 | 7/18/2002 | ||||||||||||||||||||||||
| NoVA Office C (O) (8) | Chantilly, VA | — |
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— |
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— | (7) | 7/18/2002 | ||||||||||||||||||||||||
| NoVA Office D (O) (8) | Chantilly, VA | — |
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— |
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(
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2017 | 7/2/2013 | ||||||||||||||||||||||||
| Oak Grove A (O) | Northern Virginia | — |
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— |
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(
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2020 | 11/1/2018 | ||||||||||||||||||||||||
| Oak Grove B (O) | Northern Virginia | — |
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— |
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(
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2019 | 11/1/2018 | ||||||||||||||||||||||||
| Oak Grove Phase II (L) | Northern Virginia | — |
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— |
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— | (6) | 11/1/2018 | ||||||||||||||||||||||||
| Old Annapolis Road (O) | Columbia, MD | — |
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(
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1974/1985 | 12/14/2000 | ||||||||||||||||||||||||
| P2 A (O) | Northern Virginia | — |
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— |
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(
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2020 | 5/2/2019 | ||||||||||||||||||||||||
| P2 B (O) | Northern Virginia | — |
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— |
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(
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2020 | 5/2/2019 | ||||||||||||||||||||||||
| Initial Cost |
Gross Amounts Carried
At Close of Period |
||||||||||||||||||||||||||||||||||
| Property (Type) (1) | Location | Encumbrances (2) | Land |
Building
and Land Improvements |
Costs Capitalized Subsequent to Acquisition | Land |
Building
and Land Improvements |
Total
(3) |
Accumulated Depreciation (4) | Year Built or Renovated | Date Acquired (5) | ||||||||||||||||||||||||
| P2 C (O) | Northern Virginia | — |
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— |
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(
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2020 | 5/2/2019 | ||||||||||||||||||||||||
| Paragon Park (L) | Northern Virginia | — |
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— |
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— | (6) | 5/8/2017 | ||||||||||||||||||||||||
| Parkstone A (O) | Northern Virginia | — |
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— |
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— | (7) | 1/27/2005 | ||||||||||||||||||||||||
| Parkstone B (O) | Northern Virginia | — |
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— |
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|
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— | (7) | 1/27/2005 | ||||||||||||||||||||||||
| Patriot Ridge (L) | Springfield, VA | — |
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— |
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— | (6) | 3/10/2010 | ||||||||||||||||||||||||
| Project EL (O) | Confidential-USA | — |
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— |
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— | (7) | 1/20/2006 | ||||||||||||||||||||||||
| Project EX (O) (9) | Confidential-USA | — |
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— |
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(
|
2018 | 7/16/2008 | ||||||||||||||||||||||||
| Redstone Gateway (L) | Huntsville, AL | — | — |
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— | — |
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(
|
(6) | 3/23/2010 | ||||||||||||||||||||||||
| Sentry Gateway (L) | San Antonio, TX | — |
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— |
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— | (6) | 3/30/2005 | ||||||||||||||||||||||||
| Sentry Gateway - T (O) | San Antonio, TX | — |
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(
|
1982/2008 | 3/30/2005 | ||||||||||||||||||||||||
| Sentry Gateway - V (O) | San Antonio, TX | — | — |
|
— | — |
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|
(
|
2007 | 3/30/2005 | ||||||||||||||||||||||||
| Sentry Gateway - W (O) | San Antonio, TX | — | — |
|
|
— |
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(
|
2009 | 3/30/2005 | ||||||||||||||||||||||||
| Sentry Gateway - X (O) | San Antonio, TX | — |
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— |
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|
(
|
2010 | 1/20/2006 | ||||||||||||||||||||||||
| Sentry Gateway - Y (O) | San Antonio, TX | — |
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— |
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(
|
2010 | 1/20/2006 | ||||||||||||||||||||||||
| Sentry Gateway - Z (O) | San Antonio, TX | — |
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— |
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|
(
|
2015 | 6/14/2005 | ||||||||||||||||||||||||
| SP Manassas (L) | Manassas, VA | — |
|
|
— |
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|
|
— | (6) | 7/24/2019 | ||||||||||||||||||||||||
| Westfields - Park Center (L) | Chantilly, VA | — |
|
|
— |
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|
|
— | (6) | 7/2/2013 | ||||||||||||||||||||||||
| Other Developments, including intercompany eliminations (V) | Various | — | — |
|
|
— |
|
|
(
|
Various | Various | ||||||||||||||||||||||||
| $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
| Beginning balance | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Improvements and other additions |
|
|
|
|||||||||||||||||||||||||||||
| Sales (1) |
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Impairments |
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Other dispositions |
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Reclassification to right-of use asset |
|
(
|
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| The following table summarizes our changes in accumulated depreciation for the same time periods (in thousands): | ||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
| Beginning balance | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||
| Depreciation expense |
|
|
|
|||||||||||||||||||||||||||||
| Sales (1) |
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Impairments |
|
|
(
|
|||||||||||||||||||||||||||||
| Other dispositions |
(
|
(
|
(
|
|||||||||||||||||||||||||||||
| Ending balance | $ |
|
$ |
|
$ |
|
||||||||||||||||||||||||||